Senator Bennet on Senate Credit Card Legislation: Coloradans Want and Should Expect What’s Fair
By admin - Posted on May 20th, 2009
Tagged: Abusive lending
• Banking
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• Colorado
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• Michael Bennet
• Senate
Bennet Votes for Bill To Protect Colorado Families, Rein in Unfair and Abusive Credit Card Company Practices
May 19, 2009 -- Washington, DC - Michael Bennet, U.S. Senator for Colorado, gave the following statement today after voting in favor of legislation in the Senate that would rein in unfair and abusive credit card company practices.
In April, Bennet cast the deciding vote in the Senate Banking Committee to send the legislation out of committee. Bennet spoke on the Senate floor last week to highlight stories of Coloradans affected by arbitrary credit card rate hikes, excessive fees and predatory practices, demonstrating a real need for the legislation. The bill passed the Senate 90 to 5.
"In my travels around the state, I have met many Coloradans who have been hit by unfair credit card practices and fees - just when people are worried about losing their jobs and paying for health care. This is the worst time to tolerate such unfair practices by these companies.
"Having sensible and predictable rules that guide our credit card companies is just common sense. This legislation will also crack down on abusive practices and work to protect student borrowers. Coloradans want and should expect what's fair."
Source: Senator Michael Bennet
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