Polis Votes To Protect Credit Cardholders' Rights

Press Release

Congressman Jared Polis today voted in support of H.R. 627, the Credit Cardholder's Bill of Rights, which will provide increased protections against unfair, deceptive, and anti-competitive credit card practices.

"Too many financially responsible families, who have paid their bills and been careful with their credit, have had their credit held hostage by predatory practices of credit card companies," said Polis. "In these troubled times, we need our financial institutions working for us, not against us. This bill will bring much-needed reform to the credit card industry, ending unfair rate hikes and hidden fees and making credit more accessible."

The Credit Cardholders' Bill of Rights Act is a comprehensive credit card reform package aimed at abolishing financial industry abuses that have been described by regulators as "unfair" and "deceptive." It will prohibit penalty increases of interest rates on existing balances unless a customer is more than 30-days late, ban double cycle billing, and require all payments to be posted to account balances in a fair and timely way.

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