College

May 22, 2009 -- WASHINGTON, DC – Assistant Senate Majority Leader Dick Durbin (D-IL), Senator Richard Burr (R-NC) and Congressmen Tim Bishop (D-NY) and Vern Ehlers (R-MI) introduced bipartisan legislation today to help improve college access for low-income students. The Pathways to College Act would create a competitive grant program to help low-income school districts implement programs designed to increase the number of students who are entering and succeeding in college.    » read more »

May 22, 2009 -- New York Governor David A. Paterson and New York State Consumer Protection Board Chairperson and Executive Director Mindy A. Bockstein today issued the following statements in support of the federal Credit Card Accountability, Responsibility, and Disclosure Act of 2009:

Statement from Governor David A. Paterson:    » read more »

Washington, DC - 05/19/2009 - Statement of Nick Bourke, manager of the Safe Credit Cards Project at the Pew Health Group:

“The Senate today joined the House in coming together to pass smart, strong, bipartisan legislation that puts an end to many unfair and deceptive credit card practices. This is a tremendous victory for the millions of credit card carrying consumers, many of whom will be able to avoid hundreds, even thousands of dollars in unfair fees and interest rate hikes.    » read more »

May 19, 2009 -- This afternoon, the United States Senate passed the Credit Cardholders’ Bill of Rights Act (H.R. 627) with huge bipartisan support by a vote of 90-5. The bill would curb some of the most arbitrary, abusive and unfair credit card lending practices that trap consumers in a vicious cycle of debt, including:    » read more »

Amplified Oversight of the Credit Card Industry Will Help Protect the Rights of Consumers Who Are Experiencing Economic Hardship

May 19, 2009 -- Washington, D.C. – AARP today hailed the passage of the “Credit Card Accountability Responsibility and Disclosure Act of 2009” as a vital step forward to further protect consumers who are facing serious financial difficulties.

At a time when consumers are increasingly relying on credit cards to pay for basic necessities, this legislation provides a welcome opportunity to improve transparency and accountability within the credit card industry.    » read more »

May 19, 2009 -- WASHINGTON, DC -- SEIU Secretary-Treasurer Anna Burger released the following statement after today's overwhelmingly bipartisan vote in the Senate to pass the Credit Card Accountability Responsibility and Disclosure Act:

"It's not only unethical to trap people in an unending cycle of credit card debt--it's also fundamentally unsustainable. Today, we are seeing the outcome of a financial system that has put expedient, short-term profits over long-term economic growth. Until we hold credit card companies accountable for intentionally trapping consumers into debt from which they cannot recover, we will continue to put the overall health of our economy at risk.    » read more »

CARD Act Cracks Down on Exorbitant Fees and Interest Rates

May 19, 2009 -- Washington, DC – Senator Jim Webb (D-VA) today supported the Senate passage of legislation to protect consumers and crack down on unfair and deceptive credit card company practices that result in undisclosed fees and rate increases. The Credit Card Accountability Responsibility and Disclosure Act of 2009 (the “CARD Act”) passed with bipartisan Senate support.    » read more »

May 19, 2009 -- WASHINGTON — U.S. Senator Debbie Stabenow (D-MI) today praised bipartisan Senate passage of legislation that helps protect consumers against the often misleading and deceptive practices employed by credit card companies. The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 prevents credit card companies from unfairly increasing interest rates and targeting younger consumers, while strengthening oversight mechanisms and disclosure requirements.    » read more »

Shields Consumers from Abusive Practices

May 19, 2009 -- Washington, D.C. -- U.S. Senator Olympia J. Snowe (R-Maine) today lauded Senate passage of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, legislation to prohibit the credit card industry from unfairly raising interest rates on consumers. The bipartisan measure passed the Senate by a vote of 90 to 5.    » read more »

Will Protect Consumers And Strengthen Oversight Of Credit Industry

May 19, 2009 -- (Washington, D.C.) - U.S. Senator Jeanne Shaheen applauded bipartisan Senate passage today of the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009, which will protect consumers by establishing fair and sensible rules for how and when credit card companies can raise interest rates, cracking down on abusive fees, and requiring fair consumer notification related to payoff timing, late payment deadlines and penalties.    » read more »

May 19, 2009 -- Washington, D.C. -- Senator John D. (Jay) Rockefeller IV hailed passage of the Credit Card Accountability, Responsibility and Disclosure Act. The legislation passed in the U.S. Senate by a vote of 90 to 5.

“It is time for credit card companies to stop ripping off consumers by hiding their fees and practices in term sheets that are impossible to understand. Credit card companies must be stopped from using deceptive practices that push American families further into debt. By making credit cards and interest rates more complicated than they need to be, credit card companies have reaped profits from consumers paying more than they should have to – this must stop,” said Senator Rockefeller.    » read more »

May 19, 2009 -- WASHINGTON, DC – In an effort to end deceptive credit card practices, protect consumers, and help restore confidence in our economy, the U.S. Senate today passed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act by a vote of 90 to 5.

Cosponsored by U.S. Senator Jack Reed (D-RI), this legislation prohibits credit card companies from charging excessive fees, arbitrarily changing interest rates, and burying these terms in complex contracts. The bill also includes a number of initiatives thwarted by industry that Senator Reed has supported throughout his time in the Senate.    » read more »

Legislation Co-Sponsored by N.J. Senator Would Protect Consumers from Unfair Credit Card Industry Practices

May 19, 2009 -- WASHINGTON, DC – Senator Frank R. Lautenberg (D-NJ) today hailed the Senate’s passage of legislation to protect consumers from deceitful credit card companies by ending abusive fees and rate increases, ensuring more disclosure and strengthening oversight.    » read more »

Senator’s provisions target predatory practices and marketing

5/19/09 -- WASHINGTON – Today, the Senate passed S.414, the Credit Card Accountability and Disclosure Act of 2009, which included two amendments offered by U.S. Senator Herb Kohl. These amendments require the co-signer of a credit card to approve any credit limit increase if the primary credit card holder is under the age of 21, and commissions a study by the Comptroller General regarding products that are marketed along with credit cards.    » read more »

Says Bill Could Hurt South Dakota Jobs & Consumers

May 19, 2009 -- Washington, DC—U.S. Senator Tim Johnson (D-SD) released the following statement after voting no on the Credit Cardholders' Bill of Rights Act of 2009.

Johnson, who has repeatedly said that the Federal Reserve rules should have a chance to be implemented before additional legislation was layered on top, expressed great concern about possible job loss within the credit card industry in his state. He is also mindful of unintended consequences this bill may bring that would hurt consumers by delivering lower credit lines and more fees.

Johnson said:    » read more »