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US Democrats introduce bill to curb card practices (to go into effect in 90 days after enactment)

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-15-09 11:40 AM
Original message
US Democrats introduce bill to curb card practices (to go into effect in 90 days after enactment)
Source: Reuters

WASHINGTON, Jan 15 (Reuters) - Democratic U.S. lawmakers said on Thursday they reintroduced credit card legislation aimed at curbing "unfair and deceptive" practices against consumers hit by unexpected rate increases and other fees.

The action comes almost one month after the Federal Reserve approved final rules to prohibit a number of highly criticized practices starting next year but lawmakers said the Fed rules failed to go far enough sooner to rein in the industry.

<snip>

Maloney plans to reintroduce her "Credit Cardholders Bill of Rights" in the House of Representatives, which approved it last year.

"It is time that we give the power back to the consumer," Schumer said. The bill will help holders "by outlawing predatory practices and banning unannounced, unfair and deceptive fees and rate increases."

<snip>

She is seeking to have the rules go into effect 90 days after enacted instead of a full year as the bill previously stated.

Read more: http://www.reuters.com/article/bondsNews/idUSN155195512...



Yeah!
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Turbineguy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-15-09 11:44 AM
Response to Original message
1. Gee, and raising
somebody's interest rate to 29% would help them pay off their debt so much quicker. :sarcasm:
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Democrats_win Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-15-09 11:50 AM
Response to Original message
2. Right direction. (Maybe not enough.) Outlaw these credit fraud cards!
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Faygo Kid Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-15-09 12:08 PM
Response to Reply #2
3. About time. W. fed the rapacious b*stards for 8 years.
It's astounding the rip-off laws, including the bankruptcy travesty, that Bush encouraged for 8 years.

Hopefully, the party's over. They sure had a good time at our expense.
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Psephos Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-15-09 12:25 PM
Response to Reply #3
4. I'd put Dodd on the list of enablers, too n/t
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Donnachaidh Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-15-09 12:54 PM
Response to Reply #4
6. Biden, too.
Most of those companies have corporate headquarters in his state. He IS an enabler of this particular cancer in this country.
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bertman Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-15-09 12:37 PM
Response to Reply #3
5. The bankruptcy travesty went through with the approval of our Vice President-elect.
It should be noted that Senator Clinton voted for the version in 2001 that passed the Senate only. She claimed it had been watered down from the anti-consumer lollapalooza that was first introduced. When the vote came up in 2005 she voiced opposition to it but did not vote because hubby Bill was having heart surgery on the day of the vote.

Many of our Democratic Congresspeople have been in collusion with the Bushies on this, but now want to paint themselves as tough on bad banking practices. Good luck. It's just more of the same: lobbying money enabling legislation that goes against the people.


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McCamy Taylor Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-15-09 12:56 PM
Response to Original message
7. Credit cards are a racket. Interest rates are 1%. They charge 15 and up.
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DollyM Donating Member (837 posts) Send PM | Profile | Ignore Thu Jan-15-09 12:59 PM
Response to Original message
8. It needs to be retroactive!
My Mastercard that I have had for about 8 years and pay faithfully ontime each month but do carry a balance, is being raised from 9 percent to 14 percent interest. I have been a good customer, always paid on time and never went over my limits and I am being punished because of those who didn't use their credit wisely. It just isn't right. My rates are supposed to rise this month. When I saw the original bill would go into effect a year or so from now I thought it was a total waste as most of these companies that are upping rates are doing so right now. It needs to go into effect immediately.
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CoffeeCat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-15-09 01:02 PM
Response to Original message
9. Why can't this be enacted IMMEDIATELY?,
Edited on Thu Jan-15-09 01:05 PM by TwoSparkles
If the credit-card companies know that these restrictions will be enacted in a year, (or 90 days)--guess
what they're going to do to the consumer during that year, (or 90 days)?

They'll call in full balances. They'll change the terms of loans NOW, and consumers will be stuck with outrageous
interest rates and unfair demands that they'll be able to unleash during the interim.

This is smoke and mirrors. If our Congress members were serious about protecting consumers, they would make these
laws effective NOW.

Any interim that the credit-card companies have--gives them the advantage. In fact, it will probably worsen
the situation for consumers, because these credit-card companies will try to prepare for the effect of the
legislation by screwing the consumer to the wall.

Interesting---that these laws take effect when consumers have stopped abusing credit cards. The gravy train
has stopped for the credit-card companies. Americans are no longer spending money they don't have--like drunken
sailors.

So nice of these "protective" laws to come down from on high--after the damage has been done and after the consumers
are chained to the credit-card companies for decades to come (and during a horrendous recession). :mad:

Sorry to be so cynical--but this entire situation has enriched the credit-card companies every step of the way; and
has hobbled the American consumer. This legislation looks like it helps us, but it doesn't.
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