Tag Archive | "credit card bill of rights"

Take Action! Oppose Durbin’s Rate Cap Amendment

Posted on 13 May 2009. Tags: , , , , , ,

Senator Durbin’s 36% rate cap bill, which would kill short-term lending like payday loans, may be offered as an amendment–Amendment 1089–to the Credit Card Bill of Rights legislation currently before the senate.

CFSA is suggesting you write your Senators and urge them to oppose this amendment and protect consumer credit access.

Posted in federal legislationComments (0)

New credit card “bill of rights”

Posted on 23 January 2009. Tags:

Introduced in the Congress yesterday: 

  • Banning retroactive rate increases on existing balances for cardholders in good standing. (Rates could still be raised if a customer were more than 30 days late with a payment.)
  • Requiring a 45-day notice for rate increases on new charges.
  • Banning “double-cycle billing,” in which fees are charged for balances that have already been paid off.
  • Allowing cardholders to cap how much they can charge to their cards, to avoid overdraft fees.
  • Outlawing “universal default” clauses, which automatically hike rates based on unrelated financial activity (such as being late paying another bill).

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