Financial Institutions and Consumer Credit Subcommittee to Consider Credit Cardholders' Bill of Rights Legislation
Rep. Barney Frank (D-MA), chairman of the House Committee on Financial Services, today announced that the Subcommittee on Financial Institutions and Consumer Credit will meet on Wednesday, April 1, to consider H.R. 627, the “Credit Cardholders' Bill of Rights Act of 2009.”
This credit card reform legislation, introduced by Rep. Carolyn Maloney (D-NY), is aimed at leveling the playing field between credit card companies and consumers and abolishes industry abuses that have been described by regulators as “unfair,” “deceptive” and “anti-competitive.”
“My bill represents a great step forward for consumers. It would ban retroactive interest rate hikes on existing balances, double-cycle billing, due-date gimmicks, and increases the advance notice of impending rate hikes -- giving cardholders the information and rights they deserve to make decisions about their own financial lives,” Rep. Maloney said. “For too long, credit cardholders have lost the ability to say no to unfair interest rate hikes and fees. My bill would start to rectify that.”
For more information on H.R. 627, click here.