[StBernard] Reps. Maloney and Gutierrez hail Subcommittee passage of Credit Cardholders' Bill of Rights

[Westley Annis]

Reps. Maloney and Gutierrez hail Subcommittee passage of Credit Cardholders'
Bill of Rights 

 

Washington, DC - Reps. Carolyn B. Maloney (D-NY) and Rep. Luis Gutierrez (D
- IL) hailed today's passage of the "Credit Cardholders' Bill of Rights,"
H.R. 627, by the Subcommittee on Financial Institutions and Consumer Credit
of the House Financial Services Committee. 

 

"The Credit Cardholders' Bill of Rights levels the playing field between
card issuers and cardholders by applying common-sense regulations: no
retroactive rate increases on existing balances, no double-cycle billing,
and no due-date gimmicks," Rep. Maloney said.

 

"Last year, the House passed my bill by an overwhelming, bipartisan vote;
the Federal Reserve, Office of Thrift Supervision and National Credit Union
Administrator have now implemented a similar set of regulations; and just
yesterday, the Senate Banking Committee has voted out its set of reforms,"
Rep. Maloney continued. "Clearly, momentum is on the side of consumers."

 

"I'm grateful to Chairman Guiterrez for his work in getting this important
consumer protection bill through the Subcommittee, and the continued support
of Chairman Frank. Combined with Chairman Dodd's actions, I'm extremely
optimistic that we can deliver this important consumer victory to the
President's desk this year," Maloney said.

 

"Today, the Financial Institutions Subcommittee said 'no' to arbitrary
interest rate increases and unfair double cycle billing, while passing a
host of consumer protections in the Credit Card Holders Bill of Rights,"
said Chairman Luis Guiterrez. "I applaud Ms. Maloney for her tenacity in
putting this common-sense legislation back on the table so that Congress can
do its job and protect consumers in an unstable economy."

 

Background: 

 

In September, the Credit Cardholders Bill of Rights (H.R. 5244) passed the
House by 312-112, including 84 Republican supporters. 

 

Click here
<http://maloney.house.gov/documents/financial/creditcards/maloneysupport2009
.pdf>  to view a letter of support by 21 organizations encompassing
consumer, labor, and civil rights organizations.

 

For additional information on H.R. 627, the "The Credit Cardholders' Bill of
Rights," please click here
<http://maloney.house.gov/index.php?option=com_issues&task=view_issue&issue=
298&Itemid=35> .