[StBernard] Frank Statement on the Credit CARD Act

[Westley Annis]

February 22, 2010                                                  

 

 

Frank Statement on the Credit CARD Act

 

Washington, DC - Today, Financial Services Committee Chairman Barney Frank
(D-MA) released the following statement on the Credit Card Accountability,
Responsibility and Disclosure (CARD) Act, and commented on the following
letters
<http://financialservices.house.gov/Key_Issues/CARD_Act/CARD_letters.pdf>
that credit card companies have been sending to their customers as a result
of the new law's implementation. 

 

"These letters indicate that Americans are now seeing the benefits of the
CARD Act. It was unfortunately the case that some banks tried to game the
system after we passed the bill into law, but their actions provide further
evidence of our need for a Consumer Financial Protection Agency. While the
House did pass a bill to speed up the implementation date of the CARD Act,
there was an inevitable delay in the legislative process and Republican
objections in the Senate blocked the bill. Had the CFPA been in existence we
could have moved right away to block the banks' egregious actions." 

 

                  In May, President Obama signed into law the Credit CARD
Act, historic legislation that will protect consumers from deceptive credit
card practices and equip them with the information and rights they need to
responsibly manage their credit. Today, most of the key reforms are set to
go in to effect, including prohibition of arbitrary interest rate increases
and interest charges on debt paid on time (double-cycle billing ban).

 

                  For more information, click here
<http://financialservices.house.gov/Key_Issues/CARD_Act/CARD_Act.html> .

 

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