CRL Applauds House Effort to Implement Credit Card Reform Bill Sooner
Statement from Michael Calhoun, president of the Center for Responsible Lending
Center for Responsible Lending
November 5, 2009
"We commend lawmakers in the U.S. House of Representatives who yesterday overwhelmingly approved H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009. The bill would expedite implementation of the credit card reform legislation Congress passed earlier this year to December 1, nearly three months earlier than its current effective date of February 22, 2010.
The bill now moves to the U.S. Senate, whose members we hope will also pass it quickly and in a bipartisan manner.
Putting credit card reform on a faster track would be welcome relief for tens of thousands of American families who rely on credit cards to help pay bills, buy food and otherwise make ends meet. Allowing unfair credit card industry practices to persist unchecked months longer than necessary will have an especially detrimental effect as the recession pushes more people into financial hardship."
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About the Center for Responsible Lending
The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions.