WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY), Chair of the Financial Institutions and Consumer Credit Subcommittee, announced today that she has secured the 100th co-sponsor for her Credit Cardholders Bill of Rights (H.R. 5244), balanced legislation she introduced in February to reform major credit card industry abuses and improve consumer protections.  Rep. Maloney also held the second of two planned legislative hearings on the bill in her Subcommittee today (to read Rep. Maloney’s opening statement from today’s hearing, click here).

“I am honored, but not surprised, that this bill has gained so much support so quickly.  Members of Congress are clearly listening to their constituents who want – and deserve – credit card reform,” said Rep. Maloney.  “The Credit Cardholders’ Bill of Rights is a balanced bill that will help level the playing field between credit card companies and cardholders – a playing field that has become unfairly one-sided in recent years.  The balanced and moderate reforms in this bill foster fair competition and free market values; the bill sets no rate caps, fees, or price controls, nor does it dictate any business models to card companies.  I look forward to building upon the tremendous momentum that we have already gathered, and passing this important legislation.”

The Credit Cardholders’ Bill of Rights:

* Requires card companies to give cardholders advance notice of any interest rate hike
* Gives cardholders the right to say “no” to borrowing money at a higher interest rate than they originally agreed to
* Stops tricks and traps that make cardholders incur rate hikes and pricey fees
* Empowers cardholders to set limits on their credit
* Shields cardholders from misleading terms
* Protects vulnerable consumers from fee-heavy subprime cards
* Requires Congress to provide better oversight of the credit card industry

The Credit Cardholders’ Bill of Rights has been endorsed by newspapers throughout the country, including The New York Times.  It also has the support of leading consumer groups, such as Consumers Union, U.S. Pirg, and the Consumer Federation, as well as The National Small Business Association and The Service Employees International Union (SEIU).

For more information on Rep. Maloney’s bill, please visit: http://maloney.house.gov/index.php?option=com_issues&task=view_issue&issue=298&Itemid=35.

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