US House Holding Hearing on Credit Cardholders' Bill of RIghts
Today the Subcommittee on Financial Institutions and Consumer Credit of the US House of Representations is holding a hearing on legislation recently introduced by Rep. Carolyn B. Maloney called the Credit Cardholders' Bill of Rights Act of 2008. The subcommittee is hearing testimony from eight witnesses including representatives from several major credit card issuers including Bank of America, Capital One, and Chase Card Services. The prepared testimony of the witnesses is available for download. Tim Westrich of the Center for American Progress comments on the hearing and the legislation.
Maloney’s legislation to end abusive credit card industry practices and provide important consumer protections to credit cardholders. The subcommittee will hear from consumers, legal and economic experts, and credit card industry representatives.
Subcommittee Chairwoman Maloney said, “In recent years, the playing field between card companies and cardholders has become very one-sided. A credit card agreement is supposed to be a contract, but what good is a contract when only one party has any power to make decisions? We need to level the playing field, and the balanced reforms in this legislation will help do just that.”
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