Votes to expedite credit card reform

WASHINGTON – Today, U.S. Rep. Mary Jo Kilroy, a member of the House Committee on Financial Services, voted in favor of the Expedited CARD Reform for Consumers Act to accelerate the start date of many of the provisions in the Credit CARD act so that consumers will no longer fall victim to abusive credit card practices. The Credit CARD Act which was signed into law on May 22nd, implemented tough regulations on the credit card industry and empowered consumers by equipping them with the tools they need to manage their own credit.  However, many credit card companies took advantage of the time before many of the regulations would go into effect to further price gouge consumers.

“When I come home to central Ohio, I do not have to go far to hear a terrible credit card story.  I was outraged to hear that many credit card companies raised rates on consumers immediately after we passed the CARD act,” said Kilroy.  “As a member of the Committee on Financial Services, I promised that if any further predatory rate increases were enacted by the credit card companies following the passage of the CARD act, I would immediately step in.   Today I have kept my promise and have sent the credit card companies a strong signal that I will no longer tolerate their deceitful tactics.”

The Expedited CARD Reform for Consumers Act moves the effective date for these critical credit card reforms from February 22nd to December 1st.  The original legislation includes crucial measures that protect consumers from unfair interest rate hikes on existing balances, double-cycle billing and due-date gimmicks. The reforms in this bill will bring transparency and fairness to the credit card industry and will provide customers with the information they need to make smart financial decisions. 

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