Press Releases

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

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Washington, DC, April 2, 2009 | comments

            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 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.

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