House vote moves up date for credit card reforms
Wednesday, November 4, 2009
Washington, D.C.—Consumers Union, the nonprofit publisher of Consumer Reports, today praised the bipartisan House vote of 331-92 in favor of a bill (H.R. 3639) to move up the effective date of the Credit CARD Act from the scheduled date of February 20, 2010 to a new date of December 1, 2009.
Ellen Bloom, the Director of Federal Policy and the Washington DC Office for Consumers Union, said the bill is badly needed in light of credit card companies raising rates in advance of the law’s effective date.
“Over the last five months, we’ve heard from hundreds of consumers who said their credit card rates have unexpectedly gone up for no apparent reason,” Bloom said. “Some consumers with good credit have seen their rates double—even triple—as credit card companies try to sneak in one last rate hike before the new rules take effect. These companies spotted a window of opportunity to get in their last licks, and this bill shuts the window. The vote sends a strong message to credit card companies that fleecing people won’t be tolerated. We commend Rep. Maloney and Chairman Frank for standing up for consumers.”
Kristina Edmunson or David Butler, 202-462-6262
Consumers Union, publisher of Consumer Reports magazine, is an independent, nonprofit testing and information organization serving the consumer. We are a comprehensive source of unbiased advice about products and services, personal finance, health, nutrition, and other consumer concerns. Since 1936, our mission has been to test products, inform the public, and protect consumers.