Banking

11/4/2009 -- Washington, D.C. – Today, Congressman John Sarbanes voted to protect American consumers by accelerating implementation of the critical credit card reforms contained in the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, signed into law by President Obama earlier this year. The bipartisan Expedited CARD Reform for Consumers Act, passed by a vote of 331 to 92, moves up the effective date for these critical card reforms from February 22, 2010 to the date the bill is signed into law. By moving up the start date of much of this act, consumers will be protected from the abusive practices of the credit card industry.    » read more »

November 04, 2009 -- Washington, DC - Rep. Linda Sánchez worked to accelerate critical reforms that will protect consumers from the abusive practices of the credit card industry. The House of Representatives passed a bill today to move up the effective date for credit card reforms to Dec. 1, 2009, from Feb. 22, 2010.

“This marks a step forward in bringing consumers badly-needed relief, said Rep. Linda Sánchez. “Congressional action became necessary because of gamesmanship by credit card companies. It may be a little late for Halloween, but the bill tries to turn the credit card companies’ tricks into a treat for consumers. ”    » read more »

November 4, 2009 -- Washington, D.C. – Speaker Nancy Pelosi issued the following statement today after the House passed the Expedited CARD Reform for Consumers Act, which will move up the effective date for nearly all of the credit card reforms to the date the bill is signed into law. The bill passed by a vote of 331 to 92.

“Today, the House voted overwhelmingly to send a strong and clear message to credit card companies: we will hold you accountable for your anti-consumer practices.

“The Expedited CARD Reform for Consumers Act speeds up the effective date of a law passed in May known as the Credit CARD Act that provides for commonsense reforms and for strong consumer protections.    » read more »

Urges Constituents to Contact Him if Facing Unfair Credit Card Practices

Washington, DC, Nov 4 - Today, Congressman Scott Murphy voted to speed up critical reforms to protect consumers from abusive credit card industry practices. By passing the bipartisan Expedited CARD Reform for Consumers Act, Congress moved up the start date of much of the Credit CARD Act, acting to limit the worst practices of credit card companies before the full law takes effect next year. In addition, Congressman Murphy is urging his constituents to contact him if they are facing any unfair credit card fees and practices.    » read more »

House Passes Legislation to Enact Tough, Timely Protections To Go Into Effect Immediately

November 4, 2009 -- WASHINGTON, DC – Today, Congresswoman Doris O. Matsui (D – Sacramento) joined her colleagues in the House of Representatives to pass H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009, of which she is a co-sponsor. This sensible, consumer-oriented legislation works to ensure that Americans are protected from harmful lending practices as soon as possible. With passage, this legislation moves the effective date for credit card protections Rep. Matsui supported earlier this year from February 22, 2010 to the day which follows President Obama’s signature.    » read more »

Rep. Frank Debates Republican Colleagues

November 4, 2009 -- Washington, DC – The House of Representatives today voted to approve legislation which would push up the effective date of credit cards reform, which had been scheduled for next year. The new bill would make the reforms effective immediately upon the signing of the bill by the President.    » read more »

4 November 2009 -- WASHINGTON, DC -- Representative Steve Driehaus today voted to support the Expedited CARD Reform for Consumers Act of 2009, which would move up the implementation dates of the Credit Card Accountability Responsibility and Disclosure (CARD) Act to December 1, 2009. Since the CARD Act was signed into law in May, many credit card companies have increased interest rates and reduced credit lines for customers before the law’s effective date, increasing burdens on consumers and cutting off credit for families and businesses.    » read more »

November 5, 2009 -- WASHINGTON, DC – Today, Congresswoman Lois Capps voted to accelerate critical reforms enacted earlier this year that will protect consumers from the abusive practices of the credit card industry. By moving up the start date of much of the Credit CARD Act (H.R. 3639), Congress can limit the worst practices of credit card companies before the full law takes effect. The Credit CARD Act implemented tough regulations on the credit card industry and empowered consumers by equipping them with the tools they need to manage their own credit.    » read more »

November 05, 2009 -- Washington, DC – Today, the House passed H.R. 3639, the Expedited CARD Reform for Consumers Act, to move up the effective date for critical credit card reforms that from February 22, 2010 to immediately following the President’s signing of this bill into law.

“Expediting credit card reforms levels the playing field between consumers and credit card companies and provides much-needed financial relief to consumers,” Boswell said. “The common-sense reforms in this bill bring transparency and fairness to the credit card industry and help consumers to make smart financial decisions.”    » read more »

Bill Moves Up Implementation Date of Credit Cardholders' Bill of Rights

November 4, 2009 -- Washington, DC – Today, Congressman Joe Baca (D-Rialto) voted to accelerate critical reforms that will protect consumers from the abusive practices of the credit card industry. By moving up the start date of many of the provisions of the Credit Cardholders’ Bill of Rights, the worst practices of credit card companies will be limited before the full law takes effect. H.R. 3639, the Expedited CARD Reform for Consumers Act passed the House of Representatives with a 331 to 92 vote.    » read more »

November 6, 2009 -- WASHINGTON, DC - U.S. Congressman Michael Arcuri (NY-24) voted in support of the Expedited CARD Reform for Consumers Act to move up the enactment date of the Credit Cardholder's Bill of Rights Act from February 2010 to next month, December 1. Congress passed, and President signed into law, legislation this spring to protect consumers from unfair and deceptive practices by credit card companies which was originally slated to go into effect next year.    » read more »

Washington, DC – Yesterday, the House of Representatives overwhelmingly approved legislation that would reform the credit card industry sooner than originally planned, providing much-needed relief to the millions of families who rely on credit to make ends meet. This reform comes at a critical time when unemployment continues to skyrocket and our country struggles to work its way out of recession.    » read more »

November 4, 2009 -- (WASHINGTON, D.C.) – Today, U.S. Congressman Jason Altmire (PA-04) voted for legislation that will protect consumers from being hit with costly credit card fees and interest rate increases right before the holidays. The Expedited CARD Reform for Consumers Act (H.R. 3639) would ensure that several credit card reforms signed into law earlier this year will go into effect as soon as the President signs H.R. 3639 into law, rather than early next year. This bill passed today by a vote of 331-92.    » read more »

Hall co-sponsored legislation would end credit card companies' tricks on Dec 1

November 2, 2009 --
Washington, DC – With credit card companies doubling interest rates on consumers and ramping up other unfair practices in advance of the Credit Card Holders Bill of Rights taking effect in February, U.S. Rep. John Hall (D-Dover) is pushing to speed up the effective date to December 1st to give consumers badly needed relief in time for the holiday season.    » read more »

Washington, DC - 10/28/2009 - One hundred percent of credit cards offered online by the leading bank card issuers continue to include practices that will be outlawed once legislation passed in May takes effect next year, according to a new report by the Pew Health Group’s Safe Credit Cards Project. The report also found that advertised credit card interest rates rose an average of 20 percent in the first two quarters of 2009, even as banks’ cost of lending declined.

With the Federal Reserve currently developing rules to ensure penalty charges are “reasonable and proportional” as required under the Credit CARD Act, the report also includes policy recommendations for regulators.    » read more »