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DODD: “NOW IS THE TIME TO STAND UP TO THE CREDIT CARD COMPANIES”

April 27, 2009

Washington, DC – As negotiations heat up on credit card reform, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, released the following statement today pushing for tough reforms of the credit card industry’s practices:
 
“We have in front of us an opportunity to end the abusive and predatory practices of the credit card companies and we must take full advantage of it.  Now is the time to stand up to these companies and force real reforms of how they treat the American people. 
 
“In addition to the crucial consumer protections included in both the House and Senate credit card bills, I intend to fight to retain several tough provisions included only in my bill that I believe are essential to achieving real reform:
 
·         Robust protections for students and other young consumers from aggressive and misleading marketing schemes;
·         Stronger protections against arbitrary rate increases on existing balances;
·         A fair allocation of payments to ensure that a consumer’s highest interest rate balances are paid off first;
·         And tougher penalties and enhanced enforcement for violations of the law.
 
“I will fight in the Senate for these and other strong consumer protection provisions in my bill, and I urge my colleagues in the House to work to strengthen consumer protections as well.  We must secure comprehensive protections against credit card abuses for the American people.”
 
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