Bill would implement Credit CARD Act months earlier than originally scheduled
 
Congresswoman Chellie Pingree voted Wednesday to accelerate critical reforms that will protect consumers from abusive practices of the credit card industry.  By moving up the start date of the Credit CARD Act—a bill passed earlier this year implementing tough regulations on credit card companies—Congress can limit the worst practices of the industry before the full law takes effect.  The bill passed the House today and now goes on to the Senate.

“Unfortunately, credit card companies have taken advantage of the time between the law’s signing and its implementation next February to raise interest rates, minimum payments and fees on consumers,” said Pingree.  “Many of my constituents have opened their bills to see these rising charges and have called my office to say that they couldn’t come at a worst time for their families.”
 
The Expedited CARD Reform for Consumers Act moves the effective date for these critical credit card reforms from February 22, 2010, to immediately following the President signing the 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.  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.
 
“American families have enough trouble making ends meet during this recession. The last thing they need is an unfair battle with deceptive credit card companies,” Pingree said.  “By putting these reforms into action sooner I hope we can level the playing field.”