Credit cards

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 »

May 19, 2009 -- WASHINGTON, DC – The U.S. Senate today approved legislation that strengthens oversight of the credit card industry. The legislation includes measures cosponsored by U.S. Senator Bob Casey (D-PA) that place restrictions on marketing credit cards to college students and direct the Federal Trade Commission to study new technology to combat crime at automated teller machines.    » read more »

Senator: Bipartisan Bill Balances Consumer Needs with Maintaining Availability of Credit

May 19, 2009 -- WASHINGTON – Credit card reform legislation that improves consumer protections but still ensures banks can provide credit won the support of Senator Tom Carper (D-Del.), who helped forge the bipartisan legislation, the Credit Card Accountability Responsibility and Disclosure Act of 2009 or CARD Act (H.R. 627).The bill passed today by a vote of 90-5.    » read more »

Senator Urges Similar Protections for Small Businesses

May 19, 2009 -- Washington, DC – The U.S. Senate today approved by a vote of 90-5, a bill co-sponsored by Senator Benjamin L. Cardin (D-MD) that will provide American consumers with greater protections from misleading and abusive credit card practices.

The Credit Card Accountability Responsibility and Disclosure Act amends the Truth-in-Lending Act to establish fair and sensible rules during this critical time for our economy. The bill, as amended, will go to the House of Representatives, where it is expect that they will accept the Senate’s amendments and send it to President Obama for his signature by Memorial Day, as he requested.    » read more »

May 19, 2009 -- WASHINGTON – U.S. Senator Jeff Bingaman today voted for legislation that would end the abusive practices of the credit card industry. The bill passed 90-5, and must be reconciled with a version passed by the House of Representatives before being sent to the president for signature.    » read more »

Bennet Votes for Bill To Protect Colorado Families, Rein in Unfair and Abusive Credit Card Company Practices

May 19, 2009 -- Washington, DC - Michael Bennet, U.S. Senator for Colorado, gave the following statement today after voting in favor of legislation in the Senate that would rein in unfair and abusive credit card company practices.

In April, Bennet cast the deciding vote in the Senate Banking Committee to send the legislation out of committee. Bennet spoke on the Senate floor last week to highlight stories of Coloradans affected by arbitrary credit card rate hikes, excessive fees and predatory practices, demonstrating a real need for the legislation. The bill passed the Senate 90 to 5.    » read more »

Legislation overhauls system, several new safeguards for consumers

May 19, 2009 -- U.S. Senator Mark Begich today joined an overwhelming majority of his colleagues in passing a major overhaul to the credit card system. The Credit Card Accountability, Responsibility and Disclosure Act, also known as the CARD Act, protects consumers from excessive fees, ever-changing interest rates, and complicated contracts designed to confuse the credit card holder.

The bill passed 90 to 5.

"As we look to rebuild our economy, we have to look out for consumers who are trying to pay their bills and stay in their homes," Sen. Begich said. "This legislation sets up several backstops to protect the credit card holder and end the abusive practices of credit card companies."    » read more »

Senator Bayh: Consumer protection bill will protect middle-class Hoosiers

May 19, 2009 -- Washington -- Senator Evan Bayh today praised a landmark credit card reform bill after it passed the Senate by a vote of 90-5. Bayh, whose deciding vote moved the bill out of the Senate Banking Committee on March 31, called the legislation a major victory for Hoosier consumers.

“I’ve heard from hundreds of Hoosiers who have been gouged by credit card companies for far too long,” Bayh said. “We passed this bill for the sake of middle-class families who are working hard to make ends meet during this recession. This is a victory for middle-class families and consumers who deserve to be treated fairly.”    » read more »

Includes Akaka Provisions to Protect Consumers in Debt

May 19, 2009 -- Washington, D.C. - The U.S. Senate passed the Credit Cardholders' Bill of Rights Act of 2009 (H.R. 627) today containing provisions authored by Senator Daniel K. Akaka to make credit card statements more informative for consumers struggling to pay down their debt and to help them find reputable credit counseling services.

"Many people don't realize that the minimum payments offered on their credit card bill can lead to hefty interest over time," Senator Akaka said. "Now statements will have to make clear exactly how long consumers will be paying if they only pay the minimum, and how much they should send in now if they want to get out of debt within a year-and-a-half.    » read more »

President Obama Discusses Need for Credit Card Reform; Urges Congress to Pass Comprehensive Legislation

May 14 , 2009 -- Today, President Obama will hold a town hall meeting in Rio Rancho, New Mexico where he will discuss the need for immediate reform of the credit card industry and his commitment to signing the Credit Card Bill of Rights into law by Memorial Day.    » read more »

Washington, DC - 05/11/2009 - Statement of Nick Bourke, manager of the Safe Credit Cards Project at the Pew Health Group:

“The current economic crisis has made it clear that ignoring unfair and deceptive lending practices can hurt both family finances and our economy. Fortunately, the U.S. Senate has the opportunity this week to join the House in passing legislation to ensure credit card companies use safe, fair and transparent policies. We urge the Senate to pass the CARD Act of 2009 to give consumers strong protection under the law from sudden rate hikes and added fees. Americans can’t afford to wait for credit card reform.”    » read more »

May 10, 2009 -- WASHINGTON – In his weekly address, President Barack Obama called on Congress to pass a credit card reform bill, so that he can sign it into law by Memorial Day. The American people know that they must act responsibly and fairly, and credit institutions must do the same. Sudden rate hikes, unfair penalties, and hidden fees are too common and are hurting too many people.

The set of principles the President has advocated will bring strong and reliable protections to consumers and strengthen monitoring, enforcement, and penalties for credit card companies that attempt to take advantage of ordinary Americans.

Remarks of President Barack Obama
Weekly Address
Washington, D.C.    » read more »

WASHINGTON, DC, April 7, 2009 — Credit card or debit card convenience fees charged for paying federal individual income taxes electronically are deductible for some taxpayers who itemize, the Internal Revenue Service (IRS) announced today.

Federal law bars the IRS from paying any fees associated with these credit or debit transactions. Card processors normally charge taxpayers for convenience fees when they use their credit or debit card to pay taxes. Fees vary but average about 2.5 percent of the tax payment.    » read more »

August 13, 2008 -- BOSTON – Today, a Suffolk County Grand Jury returned indictments against a former account manager at a local wealth management company for allegedly stealing more than $70,000 from a client to pay her personal credit card bills. Donna Payne, age 39, of Mattapan, was charged with Larceny over $250 and Making False Entries in Corporate Books.    » read more »

Attorney General Urges Stronger Consumer Protections Amid Housing Crisis

August 5 , 2008 -- Chicago -- Illinois Attorney General Lisa Madigan weighed in Monday on a federal proposal that aims to reform some of the most abusive practices of the credit card industry. In commenting on the proposed federal rule issued by the Federal Reserve Board and two other federal banking agencies, Madigan expressed general support for the proposed reforms but urged the federal regulators to go further to protect consumers in light of the ongoing home foreclosure crisis and economic downturn.

“It is more important than ever that consumers be treated fairly and understand their credit card terms so that they can manage their finances accordingly,” Madigan said.    » read more »