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Consumer Financial Protection Agency Would Build on Credit Card Reform Protections

Submitted by on February 22, 2010 – 1:24 pm
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Comprehensive Reforms Are Only Way to Ensure Stability in the Economy

Washington, DC – Americans for Financial Reform released the following statement marking the full implementation the Credit Card Accountability, Responsibility and Disclosure (CARD) Act today.

Ed Mierzwinski, Consumer Program Director, U.S. PIRG: “The Credit Card Accountability, Responsibility and Disclosure Act is a great first step to helping consumer navigate through the obstacles credit card companies often throw our way. Practices that would seem like a no-brainer to most of us –sufficient notice to rate changes, plenty of time to pay bills, no double-cycle billing – have now become the law. We appreciate Chairman Chris Dodd’s work to make this a reality and now we look again to his leadership to protect consumers from not only credit card company abuses, but deceptive practices from all types of lenders by moving forward with a strong independent Consumer Financial Protection Agency.”

Heather Booth, Executive Director, Americans for Financial Reform: “The protections ensured under the CARD act are a huge step forward in protecting Americans from abusive lending but we still have a long way to go toward. Before the ink on the CARD act was dry, the credit card companies began plotting to get around the safeguards, evade regulation and continue abusive fee increases and other deceptive practices. We need to build on the safeguards in the CARD Act by creating an independent agency to end the tricks and traps of the credit-card trade altogether, increase stability for small businesses and prevent predatory lenders and borrowers from entering into loans they know cannot be paid back.  We are encouraged by Chairman Dodd’s strong leadership and look forward to standing with other senators against the Wall Street lobbyists and with those working Americans who play by the rules.”

For more details on some of the newest abuses by Credit Card companies see:

http://www.responsiblelending.org/credit-cards/research-analysis/Dodging-Reform-As-Some-Credit-Card-Abuses-Are-Outlawed-New-Ones-Proliferate.html.

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