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Press Release
For Immediate Release
October 22, 2009 |
Contact: Jon Houston, 202-225-7944 |
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Financial Services Committee approves Maloney-Frank bill to speed up credit card reforms |
WASHINGTON, DC – H.R. 3639, the bill to move up the effective date for credit card reforms from February 22nd to December 1st, Sponsored by Reps. Carolyn Maloney (D-NY) and Financial Services Committee Chair Barney Frank (D-MA) progressed in the House today, approved by the House Financial Services Committee.
The sponsor of the bill, Rep. Carolyn Maloney (D-NY) hailed committee
passage: “This marks a step forward in bringing consumers badly-needed
relief,” Maloney said. “Just in time for the holidays, Congress can
lock in a ban on interest rate hikes on existing balances and the
tricks that have kept far too many consumers trapped in a never-ending
cycle of debt: tricks like double-cycle billing, due-date gamesmanship,
and applying payments to lowest rates first.”
“The card companies brought this on themselves, by using the time
between when the bill was signed by President Obama and when it goes
into effect to ‘get in under the wire’ with a last gasp of unfair
practices,” Maloney said. “Today’s action shows Congress can act with
speed when necessary to provide consumers the protection they need.”
In reporting the bill out, the committee voted to keep the original
effective date of February 22, 2010, for prepaid gift cards (which are
now all printed and on the way to retailers for the holiday season),
and for small credit card issuers with under 2 million cardholder
accounts.
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