Credit cards

May 19, 2009 -- WASHINGTON — U.S. Senator Debbie Stabenow (D-MI) today praised bipartisan Senate passage of legislation that helps protect consumers against the often misleading and deceptive practices employed by credit card companies. The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 prevents credit card companies from unfairly increasing interest rates and targeting younger consumers, while strengthening oversight mechanisms and disclosure requirements.    » read more »

Shields Consumers from Abusive Practices

May 19, 2009 -- Washington, D.C. -- U.S. Senator Olympia J. Snowe (R-Maine) today lauded Senate passage of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, legislation to prohibit the credit card industry from unfairly raising interest rates on consumers. The bipartisan measure passed the Senate by a vote of 90 to 5.    » read more »

Will Protect Consumers And Strengthen Oversight Of Credit Industry

May 19, 2009 -- (Washington, D.C.) - U.S. Senator Jeanne Shaheen applauded bipartisan Senate passage today of the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009, which will protect consumers by establishing fair and sensible rules for how and when credit card companies can raise interest rates, cracking down on abusive fees, and requiring fair consumer notification related to payoff timing, late payment deadlines and penalties.    » read more »

May 19, 2009 -- Washington, D.C. -- Senator John D. (Jay) Rockefeller IV hailed passage of the Credit Card Accountability, Responsibility and Disclosure Act. The legislation passed in the U.S. Senate by a vote of 90 to 5.

“It is time for credit card companies to stop ripping off consumers by hiding their fees and practices in term sheets that are impossible to understand. Credit card companies must be stopped from using deceptive practices that push American families further into debt. By making credit cards and interest rates more complicated than they need to be, credit card companies have reaped profits from consumers paying more than they should have to – this must stop,” said Senator Rockefeller.    » read more »

May 19, 2009 -- WASHINGTON, DC – In an effort to end deceptive credit card practices, protect consumers, and help restore confidence in our economy, the U.S. Senate today passed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act by a vote of 90 to 5.

Cosponsored by U.S. Senator Jack Reed (D-RI), this legislation prohibits credit card companies from charging excessive fees, arbitrarily changing interest rates, and burying these terms in complex contracts. The bill also includes a number of initiatives thwarted by industry that Senator Reed has supported throughout his time in the Senate.    » read more »

Legislation Co-Sponsored by N.J. Senator Would Protect Consumers from Unfair Credit Card Industry Practices

May 19, 2009 -- WASHINGTON, DC – Senator Frank R. Lautenberg (D-NJ) today hailed the Senate’s passage of legislation to protect consumers from deceitful credit card companies by ending abusive fees and rate increases, ensuring more disclosure and strengthening oversight.    » read more »

Senator’s provisions target predatory practices and marketing

5/19/09 -- WASHINGTON – Today, the Senate passed S.414, the Credit Card Accountability and Disclosure Act of 2009, which included two amendments offered by U.S. Senator Herb Kohl. These amendments require the co-signer of a credit card to approve any credit limit increase if the primary credit card holder is under the age of 21, and commissions a study by the Comptroller General regarding products that are marketed along with credit cards.    » read more »

Says Bill Could Hurt South Dakota Jobs & Consumers

May 19, 2009 -- Washington, DC—U.S. Senator Tim Johnson (D-SD) released the following statement after voting no on the Credit Cardholders' Bill of Rights Act of 2009.

Johnson, who has repeatedly said that the Federal Reserve rules should have a chance to be implemented before additional legislation was layered on top, expressed great concern about possible job loss within the credit card industry in his state. He is also mindful of unintended consequences this bill may bring that would hurt consumers by delivering lower credit lines and more fees.

Johnson said:    » read more »

May 19, 2009 -- Washington, DC -- Senator Mike Johanns today voted to increase consumer protections for credit card users by tightening the rules for interest rate hikes and making credit card terms and conditions easier to understand.

The Credit Card Accountability Responsibility and Disclosure Act of 2009 will provide consumers with more transparency, fairer terms, and more certainty regarding their interest rates when dealing with credit card companies. The bill passed by a vote of 90-5.    » read more »

May 19,2009 -- WASHINGTON – Today, U.S. Senator Maria Cantwell (D-WA) voted to protect consumers from excessive credit card fee increases and other costly practices. Cantwell joined 90 of her colleagues by passing the Credit Card Accountability, Responsibility and Disclosure Act. This legislation will put fairness back into credit cards by prohibiting credit card companies from arbitrary increases to interest rates on existing account balances and other unfair practices.    » read more »

Says More Work To Be Done To Lower Interest Rates

May 19, 2009 -- WASHINGTON, D.C. – Senator Tom Harkin (D-IA) released the following statement after the Senate passed the Credit Cardholders’ Bill of Rights Act of 2009 by a vote of 90 to 5.

“Passage of this measure today creates long-overdue reforms of a credit card industry whose practices have become increasingly predatory and abusive – practices that I have fought since the 1970’s as a legal aid attorney in Iowa.    » read more »

May 19, 2009 -- WASHINGTON, D.C. – Assistant Senate Majority Leader Dick Durbin (D-IL) released the following statement today after the Senate passed the Credit Card Accountability, Responsibility and Disclosure Act. This bill establishes strong consumer protections by preventing unfair interest rate increases and exorbitant fees; enhancing consumer disclosures; protecting young consumers; and strengthening oversight of credit industry practices.

“For too long, the credit card industry has taken advantage of their customers with hidden charges and misleading terms designed to do one thing – keep people from digging their way out of debt.”    » read more »

Average North Dakotan carries a credit card balance of between $3,000 and $6,000

May 19, 2009 -- (WASHINGTON, D.C.) – U.S. Senator Byron Dorgan (D-ND) said the passage of the bipartisan Credit Cardholder’s Bill of Rights Act will protect consumers from arbitrary fees and interest rate changes, protecting responsible consumers from getting stuck in debt.    » read more »

Historic Legislation will Establish Strong New Consumer Protections, Crack Down on Misleading and Deceptive Practices

May 19, 2009 -- Connecticut Senator Chris Dodd, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today hailed Senate passage of his legislation to put an end to the abusive, misleading, and deceptive practices employed by credit card companies. Dodd’s Credit Card Accountability, Responsibility, and Disclosure Act was approved by a vote of 90 to 5, and will now be sent to the House of Representatives for consideration.    » read more »

May 19, 2009 -- WASHINGTON – U.S. Senator Bob Corker (R-Tenn.), a member of the Senate Banking Committee, today voted in favor of H.R. 627, legislation that strengthens oversight of the credit card industry. The bill, which passed the Senate by a vote of 90-5, includes an amendment sponsored by Corker and U.S. Senator Diane Feinstein (D-Calif.), which places restrictions on marketing credit cards to college students.    » read more »