From Money.CNN.com

By Jennifer Liberto, CNNMoney.com senior writer

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WASHINGTON (CNNMoney.com) -- President Obama signed a bill on Friday that makes it tougher for credit card issuers to raise fees and interest rates.

During a bill-signing ceremony at the White House, President Obama praised the new law, which was the culmination of several years of work by consumer groups and Democrats to rein in what they say are abusive practices that prey on consumers.

"We're here today for a bill that will make a big difference," said Obama.

Obama was joined by, among others, the bill's Democratic sponsors: Sen. Chris Dodd of Connecticut and Rep. Carolyn Maloney of New York. Sen. Richard Shelby of Alabama, a top Senate Republican who negotiated a final deal to pass the bill, also attended.

The House and Senate passed the legislation by overwhelming bipartisan margins earlier this week, despite strong objections by banking industry advocates who say it could result in tightened credit to Americans.

Shares of American Express (AXP, Fortune 500), Capital One (COF, Fortune 500) and Discover Financial (DFS, Fortune 500) traded lower on Friday.

The law also includes an unrelated measure allowing people to carry guns into national parks. 

The credit card rules would take effect in February 2010 and are not retroactive, meaning consumers could still face rate hikes until then.

The rules makes it harder for people under age 21 to get credit cards. It would also ban rate hikes unless a consumer is more than 60 days late -- and then restore the previous rate after six months if minimum payments are made.

The bill marks a major loss for the banking industry.

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