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New National Survey: Credit CARD Act A Success, But Plastic Safety Net Persists

A new national survey by the nonprofit research and advocacy group Demos finds that new credit card rules have succeeded as intended, but that many financially strapped Americans continue to rely on credit cards to buy food, prescriptions and other basic necessities. This is fresh evidence that confirms earlier CRL research, which showed that a majority of low- and middle-income families depend on credit cards to pay for basic living expenses or to deal with unexpected financial emergencies like a doctor’s visit. Scroll down to see CRL’s lastest research that shows new credit card rules have made pricing more transparent and curbed many of the industry’s worst practices—those that used tricks and traps to ensnare cardholders in high-cost interest rates and penalty fees—and that predatory credit card pricing was bad for consumers and for credit card companies.

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  • CRL supports a strong, non-preemptive Consumer Financial Protection Agency
    Published: Oct 19 2009      Issue: Auto Financing, Consumer Financial Protection Bureau, Credit Cards, Mortgage Lending, Overdraft Loans

    CRL letter to Members of House Financial Services Committee outlining support and opposition to various CFPA amendments on states' rights, credit-related insurance, and carve outs for credit unions...

  • Neglect and Inaction: An Analysis of Federal Banking Regulators’ Failure to Enforce Consumer Protections
    Published: Jul 13 2009      Issue: Consumer Financial Protection Bureau, Credit Cards, Mortgage Lending, Overdraft Loans

    The failure of the bank regulators to protect consumers is a systematic problem that has stretched over at least several decades.

  • Financial Reform that Protects Consumers
    Published: Jun 25 2009      Issue: Auto Financing, Car Title Loans, Credit Cards, Mortgage Lending, Overdraft Loans, Payday Loans, Refund Anticipation Loans

    For years, federal bank regulators looked the other way; now Congress has a chance to reform our system of checks and balances, make banks accountable, and protect consumers from abusive financial...

  • Financial Reform that Protects Consumers
    Published: Jun 25 2009      Issue: Auto Financing, Car Title Loans, Credit Cards, Mortgage Lending, Overdraft Loans, Payday Loans, Refund Anticipation Loans

    For years, federal bank regulators looked the other way; now Congress has a chance to reform our system of checks and balances, make banks accountable, and protect consumers from abusive financial...

  • Six Principles for Real Reform: Balancing Bank Safety and Sensible Lending
    Published: Jun 24 2009      Issue: Auto Financing, Car Title Loans, Consumer Financial Protection Bureau, Credit Cards, Mortgage Lending, Overdraft Loans

    As Congress considers how to address improving consumer protection and regulation of our financial system going forward over the next several months, we offer six essential principles for achieving...

  • Regulatory Restructuring: Enhancing Consumer Financial Products Regulation
    Published: Jun 24 2009      Issue: Auto Financing, Car Title Loans, Consumer Financial Protection Bureau, Credit Cards, Mortgage Lending, Overdraft Loans, Payday Loans, Refund Anticipation Loans

    Kathleen Keest, Senior Policy Counsel at CRL, testified before the House Financial Services Committee on CRL's support for a strong, state-of-the-art consumer protection agency for financial...

  • Stacked Deck: A Statistical Analysis of Forced Arbitration
    Published: May 31 2009      Issue: Credit Cards, Mandatory Arbitration

    Mandatory arbitration study. CRL's analysis shows consumers lack rights in forced arbitration (binding mandatory arbitration). Almost all credit card contracts with major issuers contain a hidden...

  • H.R. 2309, the Consumer Credit and Debt Protection Act
    Published: May 12 2009      Issue: Auto Financing, Credit Cards

    The Subcommittee on Commerce, Trade, and Consumer Protection held a legislative hearing on H.R. 2309, the Consumer Credit and Debt Protection Act.

  • Congressional Research Service Memo re H.R. 627
    Published: May 12 2009      Issue: Credit Cards

    This memorandum provides a comparative analysis of H.R. 627 (the Credit Cardholders’ Bill of Rights Act of 2009), as passed by the House on April 30, 2009, and the amendment in the nature of a...

  • Testimony of Kathleen Keest In Regards To HR 2309
    Published: May 12 2009      Issue: Auto Financing, Credit Cards, Financial Literacy, Overdraft Loans, Payday Loans

    Testimony of Kathleen E. Keest on behalf of the Center for Responsible Lending, Consumer Federation of America, and the National Consumer Law Center before the Subcommittee on Commerce, Trade and...

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