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Pelosi: Credit CARD Act Ends Unfair Penalties, Abusive Practices of Credit Card Industry
February 22, 2010Speaker Nancy Pelosi released the following statement on new reforms to the credit card industry that take effect today under the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (Credit CARD): "Today most of the Credit Cardholders' Bill of Rights will take effect, helping to end the era of unfair penalties and abusive practices by the credit card industry. No longer will America's consumers face credit card industry practices dominated by incomprehensible fine print and hidden fees. No longer will confusing agreements and arbitrary rate increases unfairly punish responsible families and small businesses. "This bill's commonsense reforms will restore fairness when consumers conduct their day-to-day credit transactions. The legislation holds credit card companies accountable and provides meaningful new protections to consumers. Full release.