Cohen Celebrates Passage of CC Bill of Rights

Rep. Cohen:

As an original cosponsor of the Credit Cardholders’ Bill of Rights, I was proud to vote this legislation through the House of Representatives this afternoon with a large, bipartisan majority of my colleagues. This landmark legislation will help protect families in the 9th District who are suffering from unfair lending practices from the credit card industry....

...H.R. 5244 will provide crucial protections against many common credit card practices that take advantage of consumer, including: ending arbitrary interest rate increases by requiring ample notice before rate hikes, ending penalties on cardholders who pay on time (like charging interest on already paid debt, for example), protecting consumers from due date gimmicks by requiring credit card companies to mail bills sooner, and ending the practice of applying consumer payments to lower interest debt.

This bill will give working families the fair lending laws they need, while ensuring that credit card companies can continue to make the loans on which many of us rely. It is time to make sure that the market works for the American people with common-sense regulations of the financial services industries.