Legislation on Credit Cardholder's Bill of Rights: Victory in Leveling the Playing Field
The Credit Cardholders’ Bill of Rights (H.R. 627), a comprehensive credit card reform bill, takes a balanced approach to reforming major industry abuses and improving consumer protections for cardholders. Among the bill’s protections, it:
- Protects cardholders against retroactive interest rate increases on existing balances
- Protects cardholders from due date gimmicks
- Shields cardholders from misleading terms
- Empowers cardholders to set limits on their credit
- Protects vulnerable consumers from fee-heavy subprime cards
- Requires Congress to provide better oversight of the credit card industry
Bill Summary
Text of H.R. 627, the Credit Cardholders' Bill of Rights Act of 2009 (Signed into Law, May 22, 2009)
One Page Summary of H.R. 627, the Credit Cardholders’ Bill of Rights Act of 2009
Hearings
April 22, 2009 - Credit Cardholders’ Bill of Rights Clears Financial Services Committee
April 2, 2009 - Reps. Maloney and Gutierrez hail Subcommittee passage of Credit Cardholders’ Bill of Rights
March 30, 2009 - Financial Institutions and Consumer Credit Subcommittee to Consider Credit Cardholders' Bill of Rights Legislation
Editorial Support
05/11/09 - Charleston Gazette
05/09/09 - New York Times
05/07/09 - Minneapolis Star Tribune
05/05/09 - Caller-Times
08/06/08 - New York Times
08/06/08 - Frederick News Post
08/05/08 - Staten Island Advance
07/26/08 - Minneapolis Star Tribune
07/15/08 - Free Lance-Star (VA)
03/29/08 - New York Times
02/21/08 - Daily and Sunday Review (PA)
02/21/08 - USA Today
02/20/08 - Market Watch
02/20/08 - MSNBC's Consumer Man
02/18/08 - St. Petersburg Times (FL)
Support Letters
04/30/09 - Statment of Administration Policy (Executive Office of the President) on H.R. 627
04/30/09 - NFIB Letter of Support for H.R. 627
04/29/09 - AARP Letter of Support for H.R. 627
3/30/09 - Support letter of 21 Consumer Groups, Civil Rights Organizations and Labor Organizations in Support of H.R. 627
03/23/09 - NYS consumer Protection Board
03/12/08 - Service Employees International Union
03/11/08 - National Small Business Association
02/02/08 - National Consumer Groups
Legislative History
Please Click Here for a Legislative History of the Credit Cardholders' Bill of Rights
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Legislation
