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House approves credit card reform bill


May 20, 2009

HOUSE APPROVES CREDIT CARD REFORM BILL
STATEMENT BY CONSUMERS UNION

WASHINGTON – 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.”
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Consumers Union, publisher of Consumer Reports, is an independent, nonprofit testing and information organization serving the consumer. We are a comprehensive source of unbiased advice about products and services, personal finance, health, nutrition, and other consumer concerns. Since 1936, our mission has been to test products, inform the public, and protect consumers.

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