May 02, 2008
DODD STATEMENT ON FED'S PROPOSED REGULATIONS FOR CREDIT CARD COMPANIES
WASHINGTON, D.C. – Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee today released the following statement on proposed regulations for credit card companies put forth by the Federal Reserve, the Office of Thrift Supervision(OTS) and the National Credit Union Administration (NCLU).
"The last thing Americans who are already being squeezed by a weak economy, skyrocketing gas costs, increasing health care costs and rising food costs need is to be pushed further down the economic ladder and saddled with debt because of the predatory practices of credit card companies. Regrettably, confusing and misleading practices have become standard operating procedure for far too many in the industry. These practices are wrong, unfair, and they must end. That's why earlier this week I introduced legislation, the Credit CARD Act, that will both strengthen the oversight and supervision of the credit card industry and prohibit the most abusive industry practices. I look forward to examining whether the proposed rules jointly issued by the Fed, OTS, and NCUA provide the needed protections to consumers."
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