For Immediate Release
David Butler, 202-462-6262
Kristina Edmunson, 202-462-6262
House Approves Credit Card Reform Bill
Statement by Consumers Union
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."