It’s a big week for credit card legislation!
By Consumers Union on Monday, March 30th, 2009
On March 31st the Senate Banking Committee will vote on a bill introduced by its Chairman, Senator Dodd called the Credit CARD Act (S.414.) On April Fool’s Day the House Financial Services Committee will vote on Representative Maloney’s Credit Cardholder’s Bill of Rights (HR 627.) But this is no joke! If the bills pass out of committee they will be up for a floor vote by the entire Senate and House respectively.
Both bills go farther than the Fed’s recent credit card rule in certain ways and if they pass, credit cardholders won’t have to wait until July 2010 to reap the benefits of these protections.
Consumers need these protections and quick! The Pew Charitable Trust just released a study of the 12 largest credit card issuers and found that all of the 400 credit cards studied include one or more practices that would violate the recently issued Federal Reserve Rule. Here is CU’s summary of the Pew report.