For Immediate Release
May 20, 2009

Contact:
Aketa Marie Simmons
202-226-6709


WASHINGTON, DC—Today, in an overwhelmingly bi-partisan effort, the United States Congress sent the Credit Cardholder's Bill of Rights to President Obama for his signature. Representative Marcia L. Fudge (OH-11) voted for H.R. 627, the Credit Cardholder’s Bill of Rights, of which she is a co-sponsor. The Bill of Rights would provide increased protections against unfair, deceptive and anti-competitive credit card practices.

"For far too long, credit card companies have abused customers who pay  their bills on time, and Congress is pushing to protect these hardworking Americans. My vote for the Credit Cardholder's Bill of Rights demonstrates my commitment to safeguarding consumers from unfair and deceptive credit card practices," said Rep. Fudge. "These practices perpetuate the cycle of debt and drain families of much needed funds."

"It is time to change our banking policies to include regulation that makes sense. The Credit Cardholder's Bill of Rights is sensible legislation that will help build an economy that fosters prosperity.  I look forward to the President signing the bill into law," continued Rep. Fudge.

"Under this bill, credit card companies would be required to give notice 45 days before an interest   rate is increased. The bill also empowers consumers to set limits on their credit,” Rep. Fudge added.  

Additionally, the Credit Cardholder’s Bill of Rights would prohibit penalty increases of interest rates on existing balances unless a customer is more than 60 days late, ban double cycle billing, and require all payments to be posted on account balances in a fair and timely manner .

"I invite you to share your credit card stories with me by clicking here or emailing me at oh11.creditcardstories@mail.house.gov. Together we can make a difference," said Rep. Fudge.

For detailed explanations on the provisions of the Credit Cardholder's Bill of Rights, please click here.