Bill Moves Up Implementation Date of Credit Cardholders' Bill of Rights

Washington, DC – Today, Congressman Joe Baca (D-Rialto) voted to accelerate critical reforms that will protect consumers from the abusive practices of the credit card industry. By moving up the start date of many of the provisions of the Credit Cardholders’ Bill of Rights, the worst practices of credit card companies will be limited before the full law takes effect.  H.R. 3639, the Expedited CARD Reform for Consumers Act passed the House of Representatives with a 331 to 92 vote.  

The legislation moves up the enactment date of key provisions of credit card reform legislation signed into law earlier this year from February 22, 2010, to immediately following the President’s signature of H.R. 3639 into law.    

“Unfortunately, too many credit card companies have used the time between the passage of the Credit Cardholders’ Bill of Rights and its implementation to unfairly raise interest rates, minimum payments, and fees on consumers,” commented Rep. Baca.  “I am proud to support this responsible consumer protection legislation, which will stop the deceitful tactics of the bad apples and work quickly to protect American consumers.”

The original legislation includes crucial measures that protect consumers from unfair interest rate hikes on existing balances, double-cycle billing and due-date gimmicks. The bill also gives cardholders more control over their credit limits and prevents card companies from issuing cards to minors.  These common-sense reforms will bring transparency and fairness to the credit card industry and will provide customers with the information they need to make smart financial decisions.  

“With unemployment in the Inland Empire well above the national average, families have enough trouble making ends meet during this recession,” said Rep. Baca.  “The last thing they need is an unfair battle with deceptive credit card companies, especially as we head into the Holiday season.  Expediting credit card reforms will level the playing field between consumers and credit card companies and provide much-needed financial relief to consumers.”

“As a parent, I am especially pleased to see that credit card companies will no longer be able to prey on minors,” concluded Rep. Baca.  “By speeding up the implementation of these key reforms, we are returning a greater measure of control to American consumers.  Congress will continue its efforts to level the playing field, and better protect Americans from the predatory practices of big banks.”