REP. YVETTE D. CLARKE VOTES TO FURTHER PROTECT CONSUMERS FROM UNFAIR, ABUSIVE CREDIT CARD COMPANY ACTIONS
Today, Rep. Yvette D. Clarke voted to accelerate critical reforms that will protect consumers from the abusive practices of the credit card industry.
“Credit card companies have taken advantage of the implementation period between President Obama signing the Credit CARD Act into law and the February 22nd start date to raise interest rates, minimum payments, and fees on consumers,” said Congresswoman Clarke. “I commend my colleagues in Congress for recognizing the card companies’ deceitful tactics and acting with speed to protect American consumers.”
The Expedited CARD Reform for Consumers Act moves up the effective date for these critical credit card reforms from February 22nd to immediately following the President’s signing this bill into law. The original legislation includes crucial measures that protect consumers from unfair interest rate hikes on existing balances, double-cycle billing, and due-date gimmicks.
“American families have enough trouble making ends meet during this recession. The last thing they need is an unfair battle with deceptive credit card companies,” said Rep. Clarke. “Expediting credit card reforms will level the playing field between consumers and credit card companies and provide much-needed financial relief to consumers.”
Our economic recovery depends on hard work, financial responsibility and shared prosperity. This bill supports Congress’s long-range plan to protect consumers and bring common sense reform to the financial system.