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CONTACT: Consumers Union
David Butler, 202-462-6262
Kristina Edmunson, 202-462-6262
House Approves Credit Card Reform Bill
Statement by Consumers Union
WASHINGTON - May 20 - The U.S. House voted 361-64 today to approve an historic bill to stop credit card companies from arbritarily raising interest rates on existing balances and prohibit other unfair practices. The bill, which was approved by the Senate on May 19, is now headed to the White House for President Obama's signature.
Pamela Banks, senior policy counsel for Consumers Union, made the following statement today after the House vote:
"It's a win for everyone who's ever been abused by the tricks and traps of the credit card industry. Banking lobbyists have blocked reforms for years, but when credit card companies started raising rates without warning or explanation while people are struggling, the government was compelled to step in. Consumers got fed up, they spoke out, and Congress approved reforms by an overwhelming margin. Now that the House and Senate have passed the bill, consumers are just one step away from getting some relief."