The House today voted 312-112 to pass H.R. 5244, the Credit Cardholders’ Bill of Rights Act of 2008. The entire Bay Area delegation supported it.
Said House Speaker Nancy Pelosi, D-San Francisco:
“With the economic security of the American families in jeopardy, Democrats have been clear that we must insulate Main Street from the crisis on Wall Street. Central to our efforts is ending unfair lending practices by the credit card industry.
“For too long, the credit card industry has faced too few regulations and too little oversight. As a result, many Americans have become saddled with excessive credit card fees, sky-high interest rates, and unfair, incomprehensible agreements that credit-card companies revise at will. This legislation will put into law a number of regulations proposed by the Federal Reserve Board earlier this year that will help protect Americans from abusive lending practices.
“The Credit Cardholders’ Bill of Rights will provide working families with the fair lending laws they need, while ensuring that credit card companies can continue to make the loans on which many Americans rely. It is time to make sure that the market works for the American people with common-sense regulations of the financial services industries.”
And, from House Education & Labor Committee Chairman George Miller, D-Martinez:
“As most Americans know very well, credit cardholders increasingly confront problems stemming from the unfair practices of large credit card companies. High interest rates, outrageous late fees, ‘teaser’ rates, and inadequate payment periods drag many American families into debt and lower their credit scores. Unfair, incomprehensible agreements that credit-card companies revise at the drop of a hat complicate matters and add to the difficulties consumers have in managing their finances.
“I co-sponsored and voted today for the Credit Cardholders Bill of Rights to help consumers better manage their family finances and reduce their chances of being swindled by credit card companies. … With so many economic concerns facing our communities and our country, the last thing people need is deceptive practices by credit card companies to make things worse. Our bill is good for consumers and the economy and I urge the Senate to pass it as quickly as possible.”
Details of the bill, after the jump… Continue Reading