While it's still a long ways off from being voted on in a full chamber vote, Representative Carolyn Maloney's credit card reform bill, H.R. 5244, has passed the House Financial Services Committee.
Maloney's "Credit Cardholders' Bill of Rights Act of 2008" would require credit card companies to give clients a 45-day notice of any rate increase, and would also eliminate double-cycle billing (when credit card companies charge interest on a previous balance rather than the paid balance).
One good sign for consumers hoping that the bill will pass is that the Federal Reserve has proposed similar changes be made in order to rein in credit markets.
Again, while still early in its life, all indications suggest that this bill to give consumers some much-needed clarity in their credit card statements and billing stands a good chance of passing.
Keep posted to Total Bankruptcy for more on this important piece of legislation.
Tags: credit card, credit cardholders, Credit Cardholders Bill of Rights
This entry was posted on Tuesday, August 5th, 2008 at 3:52 pm and is filed under Credit and Bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.