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Published: September 2008

Congress shouldn’t forget the Credit Cardholders’ Bill of Rights

Coalition: Credit Card

Consumer Action joined in a letter to Barney Frank, Chairman of the Financial Services Committee in the United States House of Representatives, in support of H.R. 5244, the Credit Cardholders' Bill of Rights Act. (Note: This bill passed the House of Representatives in Sept. 08)

The undersigned consumer, civil rights, small business, and labor organizations would like to thank you for your efforts to enact H.R. 5244, the Credit Cardholders' Bill of Rights Act.  We write to request a meeting to discuss how we can support the efforts of your office and House leaders to schedule a vote on this important legislation this month.  We understand that a myriad of issues related to our nation’s unstable financial system are competing for Congress’ attention.  However, we believe that passing credit card reform legislation will send a strong message to working families that help is on the way, as well as encourage the Federal Reserve not to weaken their proposed rule.

As you know, H.R. 5244 has 155 co-sponsors and will likely pass the House by a significant majority with bi-partisan support.  This is not surprising because national surveys have consistently found that Americans are highly critical of many current credit card industry practices, place very little trust in credit card companies, and are overwhelmingly supportive of strengthening regulation of the credit card industry.   More than 50,000 consumers have written the Federal Reserve Board in support of eliminating abusive credit card practices.

Passage of the bill would represent the first time ever a body of Congress has acted to rein in abusive credit card lending practices that are harming so many Americans in a time of great economic uncertainty.  It would also send a strong message to the Federal Reserve Board that it should not weaken proposed regulations that it plans to adopt by the end of the year, to curb unfair and deceptive practices.

Lead Organization

Consumer Federation of America

Other Organizations

ACORN | Center for Responsible Lending | Consumer Federation of America | Consumers Union | Dēmos: A Network for Ideas & Action | Leadership Conference on Civil Rights | National Association for the Advancement of Colored People (NAACP) | National Association of Consumer Advocates | National Consumer Law Center (On behalf of its Low-Income Clients) | National Council of La Raza | National Fair Housing Alliance | National Small Business Association | U.S. PIRG

More Information

H.R. 5244

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