Expedited CARD Reform for Consumers Act | House Democrats

Legislation

Expedited CARD Reform for Consumers Act

November 2, 2009

The Expedited CARD Reform for Consumers Act of 2009 (H.R. 3639), introduced by Representative Carolyn Maloney, would change the date by which banks and credit card issuers would have to comply with the remaining provisions of the Credit CARD Act, a new consumer-friendly legislation signed by President Obama earlier this year. The bill would move up the effective date for credit card reforms from February 22, 2010, to December 1, 2009. The bill would keep the original effective date of February 22, 2010, for prepaid gift cards (which are now all printed and on the way to retailers for the holiday season), and for small credit card issuers with under two million cardholder accounts.

What our Members are Saying

This bill will close the loophole on December 1 – credit card issuers with more than 2 million cards in circulation will be prohibited from continuing to take advantage of their cardholders.

In these difficult economic times, it is unconscionable for credit card issuers to make matters worse by unfairly raising rates on consumers. This bill will help us quickly end this practice.

Expediting credit card reforms will level the playing field between consumers and credit card companies and provide much-needed financial relief to consumers.

We gave the card companies a good faith grace period before the enacted reforms came into play – and they took the consumers and small businesses to the cleaners.

[The Expedited CARD Reform for Consumers Act] will put an end to the egregious practices of the credit card companies once and for all.

Featured Member

Donna Edwards

Representing the 4th District of MD

<a href="/members/donna-edwards">Donna Edwards</a>

Meet Congresswoman Donna Edwards and you’ll immediately sense her strong energy and enthusiasm for her work on behalf of people in her community. According to Edwards – who represents portions of Maryland’s Prince George’s and Montgomery counties – the experience so far has “been really invigorating – exciting.”

Connect with us: