I am troubled by the recent comment from JPMorgan Chase CEO Jamie Dimon that creation of the proposed Consumer Financial Protection Agency would “hurt short-term profits,” but I am not surprised. It is likely that the loss of short-term profits that Mr. Dimon projects are due to changes required by recent credit card reforms, which were signed into law with bipartisan support in May 2009.

Under new regulations implementing certain provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that take effect August 20, credit card lenders must mail or deliver periodic statements at least 21 days before the payment is due and must give 45-days notice of increases in the Annual Percentage Rate (APR) or other significant changes in terms, including a notice of the right to cancel the account.