DURING THESE HEARINGS IN CHICAGO, ILL., CONSUMERS AND BANKERS STATED THAT PROPOSED AMENDMENTS TO THE CONSUMER CREDIT PROTECTION ACT, REQUIRING CREDIT CARD COMPANIES TO INCLUDE A COPY OF EACH SALES SLIP WITH EACH BILL, WERE RELICS OF A BYGONE ERA. HOWEVER, CONSUMER GROUPS DID FAVOR MORE DETAILED BILLING. UNREASONABLY SHORT DUE DATES, SHORT BILLING CYCLES, AND VARIOUS METHODS OF COMPUTING THE INTEREST WERE CRITICIZED. ALSO CRITICIZED WERE COMPANIES WHICH CHARGED FOR EACH CONSUMER INQUIRY, CONSUMERS CHARGES THAT THOSE WHO PAY CASH UNFAIRLY CARRY THE EXPENSE OF CREDIT CARD OPERATIONS BECAUSE MERCHANTS RAISE THEIR PRICES TO COVER BANK CARD CHARGES. THE REAL CONTROVERSY ERUPTED OVER THE METHODS CREDIT CARD COMPANIES USE TO COMPUTE THE INTEREST (USUALLY 18 PERCENT) CHARGED ON THE OVERDUE BALANCE. TESTIMONY ALSO EXPRESSED FEARS FOR THE EFFECT OF EFT ON SMALLER MERCHANTS WHO COULD NOT AFFORD TO TIE INTO THE SYSTEM. AS WITH CREDIT CARDS, THE POOR, WHO USUALLY PAY CASH, BEAR THE COST OF THESE SYSTEMS THROUGH HIGHER PRICES. THE AMOUNT OF LIABILITY THE CONSUMER MUST ASSUME AND THE AMOUNT THE FINANCIAL INSTITUTION MUST ASSUME FOR LOST EFT CARDS AND MISUSE OF EFT ACCOUNTS IS DEBATED. FEARS OF GOVERNMENT OVERREGULATION ARE EXPRESSED. (GLR)