Van Hollen Supports Important Credit Card Reforms and Consumer Protections

Press Release

House Passes Bi-partisan Credit Cardholders' Bill of Rights

Today, Congressman Chris Van Hollen (D-MD), Assistant to the Speaker, issued the following statement on House passage of the Credit Card Holders' Bill of Rights Act of 2009:

"Today's passage of this important legislation is a major victory for consumer rights. The Credit Cardholders' Bill of Rights will bring to an end the abusive practices that some credit card companies have employed, and will provide tough new protections for consumers facing exorbitant credit card fees, high interest rates, and unfair agreements that credit card companies were previously able to revise at will.

"This legislation also includes common-sense regulations that will finally create a level playing field between credit card companies and cardholders, and gives cardholders the information they need to make smart financial decisions. It bans retroactive interest rate hikes on existing balances, double-cycle billing and due-date gimmicks, and increases the advance notice of impending rate hikes.

"The Credit Card Holders' Bill of Rights restores fairness to the system, at a time when Americans need economic protection more than ever. Congress is working hard with President Obama to create the next era of genuine, broadly shared American prosperity. Ending these abusive practices that continue to drive so many Americans deeper into debt is an important step in this New Direction."

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