Statement of Michael Calhoun on passage of the Credit Cardholders' Bill of Rights Act, (H.R. 627)
Center for Responsible Lending
April 30, 2009
We commend the U.S. House of Representatives for taking this important step toward ending credit card industry practices that Americans across the board find unfair. Interest rates and fees should be transparent, reasonably related to risk and presented to cardholders up-front. And credit card companies should not be allowed to arbitrarily change them, especially retroactively. Today's bipartisan vote is encouraging, and we hope the Senate will act quickly to pass similar legislation now before it. Reforming credit card lending practices is long overdue. Making those reforms effective as quickly as possible is an essential ingredient for economic recovery.
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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.