Debt

In Oval Office meeting, discusses proposal to create special process to get deficits under control

October 14, 2009 -- Washington –One day after a private Oval Office meeting with President Obama to discuss his concerns about mounting federal deficits, Senator Evan Bayh (D-IN) today urged the leader of the Senate to endorse an independent debt-fighting panel to get America’s fiscal house in order.    » read more »

Rhode Island Senator Discusses Legislation to Crack Down on High Interest Rates

June 8, 2009 -- Providence, R.I. - On the heels of sweeping credit card reform legislation recently passed by Congress and signed into law by President Obama, U.S. Senator Sheldon Whitehouse (D-RI) met today with Rhode Islanders affected by unfair credit card practices at the John Hope Settlement House in Providence. Whitehouse heard from consumers and small business owners about the impact of high interest rates and other tricks and traps on their families and businesses.    » read more »

Legislation Would Limit Telemarketing Abuse, Provide Redress Against Illegal Debt Collection Practices and Advance Consumer Information Privacy

June 5, 2009 -- New York Governor David A. Paterson today announced that he has submitted three bills to the Legislature to greatly strengthen New York’s consumer protection laws. The legislation focuses on several important areas: telemarketing, sale of sensitive personal information, and debt collection.    » read more »

President Obama signs Credit Card Accountability, Responsibility, and Disclosure Act

May 22, 2009 --
WASHINGTON – Today, President Obama signs the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, marking a turning point for American consumers and ending the days of unfair rate hikes and hidden fees.    » read more »

May 22, 2009 -- WASHINGTON – In a White House ceremony this afternoon, President Obama will sign the Credit Card Accountability, Responsibility and Disclosure Act or Credit CARD Act of 2009, which offers a comprehensive approach to protecting consumers from unfair credit card practices. The bill builds on groundwork laid by Sen. Carl Levin, D-Mich., in hearings and legislation over the past four years.

“Credit card companies have crossed line after line with outrageous practices that hurt American families and businesses,” Levin said. “They underestimated the ability of Congress to turn public outcry into public policy. We faced powerful forces against this effort, but we prevailed.    » read more »

May 22, 2009 -- New York Governor David A. Paterson and New York State Consumer Protection Board Chairperson and Executive Director Mindy A. Bockstein today issued the following statements in support of the federal Credit Card Accountability, Responsibility, and Disclosure Act of 2009:

Statement from Governor David A. Paterson:    » read more »

Washington, DC - 05/19/2009 - Statement of Nick Bourke, manager of the Safe Credit Cards Project at the Pew Health Group:

“The Senate today joined the House in coming together to pass smart, strong, bipartisan legislation that puts an end to many unfair and deceptive credit card practices. This is a tremendous victory for the millions of credit card carrying consumers, many of whom will be able to avoid hundreds, even thousands of dollars in unfair fees and interest rate hikes.    » read more »

May 19, 2009 -- This afternoon, the United States Senate passed the Credit Cardholders’ Bill of Rights Act (H.R. 627) with huge bipartisan support by a vote of 90-5. The bill would curb some of the most arbitrary, abusive and unfair credit card lending practices that trap consumers in a vicious cycle of debt, including:    » read more »

Amplified Oversight of the Credit Card Industry Will Help Protect the Rights of Consumers Who Are Experiencing Economic Hardship

May 19, 2009 -- Washington, D.C. – AARP today hailed the passage of the “Credit Card Accountability Responsibility and Disclosure Act of 2009” as a vital step forward to further protect consumers who are facing serious financial difficulties.

At a time when consumers are increasingly relying on credit cards to pay for basic necessities, this legislation provides a welcome opportunity to improve transparency and accountability within the credit card industry.    » read more »

May 19, 2009 -- WASHINGTON, DC -- SEIU Secretary-Treasurer Anna Burger released the following statement after today's overwhelmingly bipartisan vote in the Senate to pass the Credit Card Accountability Responsibility and Disclosure Act:

"It's not only unethical to trap people in an unending cycle of credit card debt--it's also fundamentally unsustainable. Today, we are seeing the outcome of a financial system that has put expedient, short-term profits over long-term economic growth. Until we hold credit card companies accountable for intentionally trapping consumers into debt from which they cannot recover, we will continue to put the overall health of our economy at risk.    » read more »

CARD Act Cracks Down on Exorbitant Fees and Interest Rates

May 19, 2009 -- Washington, DC – Senator Jim Webb (D-VA) today supported the Senate passage of legislation to protect consumers and crack down on unfair and deceptive credit card company practices that result in undisclosed fees and rate increases. The Credit Card Accountability Responsibility and Disclosure Act of 2009 (the “CARD Act”) passed with bipartisan Senate support.    » read more »

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 »