The House today voted 357-70 to pass H.R. 627, the Credit Cardholders’ Bill of Rights, which will require credit-card companies to give 45 days notice of all interest rate increases and significant fee changes; prevent credit-card companies from unfairly increasing interest rates on existing balances; end unfair “double cycle” billing practices; require card companies to mail billing statements 21 days before the due date; and prohibit companies from charging a fee when customers pay their bills.

From Rep. Jerry McNerney, D-Pleasanton:

“I’ve heard from many people that have had their credit card interest rate sky-rocket without due notice or explanation. At a time when Americans are struggling to make ends meet, they shouldn’t have the additional worry of a sudden hike in their interest rate or unexpected fees without notice. This bill will help protect Americans from these unfair practices.”

More from the Bay Area delegation, after the jump…
Read the rest of this entry »