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Released: April 23, 2009

Consumer groups support President’s push for credit card reform

Contact: Ruth Susswein, Consumer Action 301-718-2511

Statement by National Consumer Groups Regarding Action on Credit Cards Washington, DC—In the wake of the President’s meeting today with credit card executives, a broad coalition of national consumer groups and nonprofit organizations commended the President for his strong statements in support of curbing abusive practices and urged the Administration to offer specific proposals soon for broad, timely legislative reform. The groups also applauded passage by the House Financial Services Committee yesterday of the Credit Cardholders Bill of Rights, championed by Rep. Carolyn Maloney. The Maloney Bill, as well as legislation moving to the Senate Floor sponsored by Senator Chris Dodd, signals a focus on real consumer protections and a welcome change to credit card company business as usual. As Rep. Maloney’s bill moves to the House floor, we urge the Senate to take up Sen. Dodd’s Credit CARD Act and commit to credit card reform and a fair shake for millions of American cardholders. Americans for Fairness in Lending (AFFIL) Campus Progress Action Center for Responsible Lending Consumer Action Consumer Federation of America Consumers Union Dēmos: A Network for Ideas & Action Leadership Conference on Civil Rights National Association of Consumer Advocates National Consumer Law Center (on behalf of its low-income clients) National Consumers League Public Citizen Sargent Shriver National Center on Poverty Law U.S. Public Interest Research Group