Credit Cardholders’ Bill of Rights Legislation

[Guest LAW_*]

Speaker Nancy Pelosi released the following statement today after the House passed the Credit Cardholders’ Bill of Rights legislation by a vote of 312 to 112:

 

“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.”