| Michaud Applauds House Passage of Bill to Expedite Credit Card Protections |
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| Wednesday, November 04 2009 | |
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WASHINGTON, DC – Today, Congressman Mike Michaud praised House passage of H.R. 3639, the Expedited CARD Reform for Consumers Act. The bill moves up the effective date for credit card reforms contained in the Credit Cardholder’s Bill of Rights Act, which was signed into law this May and takes effect on February 22, 2010. H.R. 3639 would make the consumer protections in the Credit Cardholder’s Bill of Rights Act – including banning unfair rate increases, abusive fees, and penalties – effective immediately upon the President signing the bill into law. “Credit card companies haven chosen to hike rates and increase fees in anticipation of the new reforms, not as a result of consumer behavior,” said Michaud. “These actions are unconscionable, especially during a time when so many families in Maine are stretching their budgets to make ends meet. These transparent, abusive and unfair practices are doing nothing but boosting the profits of major credit card companies by putting more Americans in deeper debt. Moving up the effective date of these reforms makes sense. I strongly urge the Senate to act quickly on this bill so that these important reforms can be implemented.” The Credit Cardholders’ Bill of Rights Act was signed into law by President Obama on May 22, 2009. A fact sheet on the legislation can be found here.
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