Home Current News Berkley Votes to Speed Action on Credit Card Reform Package
Berkley Votes to Speed Action on Credit Card Reform Package
(November 4, 2009)  Congresswoman Shelley Berkley voted to speed implementation of protections for consumers in Nevada and nationwide against unfair practices by the credit card industry.  The Credit CARD Act would move up the start date for reforms passed earlier this year that limit certain actions by credit card companies, including interest rate hikes on existing balances and double-cycle billing.  

“Unfortunately we have seen too many families in Nevada and across the nation being harmed as a result of unfair and unethical tactics used by the credit card industry.  This bill moves up implementation of a limited number of protections that have already been approved to this year, instead of waiting until 2010.  Speeding up this process will protect consumers who are already being targeted by companies seeking to squeeze their customers for bigger profits before reforms are in place,” said Berkley.

The Expedited CARD Reform for Consumers Act would authorize critical credit card reforms already approved by Congress to take effect before February 22, 2010.  The changes would be made immediately once the President signs the new bill into law.  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 common-sense 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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