The Credit Cardholders’ Bill of Rights sponsored by Representative Carolyn Maloney moved out of the House Financial Services Committee on Friday by a vote of 39 to 27. It will now be brought up for a vote in the full House.
Read More:
Washington Post - Credit Card Bill Passes One Hurdle
Reuters - House Panel Backs Curbs [...]
One way to know that the odds of credit card reform are pretty good is to check out the title of a recent New York Times article: Credit Card Overhauls Seem Likely.
The article, which sums up the pressures on legislators and regulators for reform on the credit card industry, asks another important question for consumers: [...]
Here’s an editorial published in the Houston Chronicle from Congressional supporters of credit card reform legislation titled Give Consumers Tools to Combat Credit Card Giants.
Congress held hearings last week examining marketing practices of credit card companies to college students in conjunction with its consideration of credit card reform. Here are a few of the articles from the past week covering the issue:
Taking Charge - Student Credit Card Issuers Under Investigation.
Washington Post - Too Young to Handle Credit?
Center for American [...]
An Orlando Sentinel article tells consumers not to hold their breath for credit card reform from either the Federal Reserve or from Congress. It’s an election year and the credit card industry is putting strong pressure on Congress and the Federal Reserve to weaken reforms.
Representative Peter Welch (D-Vermont) said that the Credit Card Bill of Rights has bipartisan support and that he expects it to pass, according to WCAX-TV News. This is in contrast to previous reports from others who were less optimistic about the prospects of meaningful Congressional legislation on credit card reform. Nevertheless, it is good to hear.
Suze Orman weighed in this weekend on the proposed credit card reforms of Congress and the Federal Reserve, calling them “better late than never.” Orman explains some of the key measures in both the Federal Reserve protections and the Credit Card Accountability, Responsibility and Disclosure Act, as well as makes a few additional suggestions. [...]
Discover Financial spent $160,000 in the first quarter lobbying against credit card reform proposals, reported Forbes.
A senior attorney from Consumers Union has a 4 minute interview/video segment online laying out the relevant details of credit card reform proposals. I haven’t yet checked out the segment (available here), but I thought I would pass it on and bookmark it to view later.
A Boston Globe editorial over the weekend pretty effectively advances the case for credit card reform by Congress and the Federal Reserve. It argues that we shouldn’t wait for the credit card industry, with record credit delinquencies, to stumble the way the mortgage market did. And in response to credit card industry concerns that it [...]
