Press Releases

Washington, D.C. – Today, Congressman Donald M. Payne 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 much of the Credit CARD Act, Congress can limit the worst practices of credit card companies before the full law takes effect. The Credit CARD Act implemented tough regulations on the credit card industry and empowered consumers by equipping them with the tools they need to manage their own credit.

"Credit card companies have taken advantage of the implementation period between President Obama signing the Credit CARD Act into law and the February 22nd start date to raise interest rates, minimum payments, and fees on consumers," said Payne.  "I commend my colleagues in Congress for recognizing the card companies' deceitful tactics and acting with speed to protect American consumers."

The bipartisan Expedited CARD Reform for Consumers Act, which passed by a vote of 331 - 92, moves up the effective date for these critical credit card reforms from February 22nd to immediately following the President's signing this bill into law.  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 common-sense reforms in this bill will bring transparency and fairness to the credit card industry and will provide customers with the information they need to make smarter financial decisions.

"American families have enough trouble making ends meet during this recession," said Payne. "The last thing they need is an unfair battle with deceptive credit card companies.  Expediting credit card reforms will level the playing field between consumers and credit card companies and provide much-needed financial relief to consumers."

Our economic recovery depends on hard work, financial responsibility and shared prosperity. This bill supports Congress's long-range plan to protect consumers and bring common sense reform to the financial system.