The Credit Cardholders’ Bill of Rights: Providing New Protections for Consumers

Thursday, April 17, 2008, 10:00 a.m., Room 2128 Rayburn House Office Building
FI and Consumer Credit

 Subcommittee on Financial Institutions and Consumer Credit to Hold Hearing on the Credit Cardholders’ Bill of Rights

Washington, D.C. – Rep. Carolyn B. Maloney (NY-14), Chair of the Financial Services Subcommittee on Financial Institutions and Consumer Credit, announced today that the Subcommittee will hold a legislative hearing on H.R. 5244, “The Credit Cardholders’ Bill of Rights: Providing New Protections for Consumers,” Maloney’s legislation to reform major credit card industry abuses and improve consumer protections.  The Subcommittee will hear from consumers, regulators, and credit card industry representatives. 

Subcommittee Chairwoman Maloney said, “The playing field between card companies and cardholders has become very one-sided in recent years.  Yet, more and more Americans are turning to their credit cards to help pay bills, buy groceries, and make ends meet in this troubled economy.  Instead of looking the other way while Americans fall deeper into debt, Congress can and should take swift action to reform major credit card industry abuses and improve consumer protections for cardholders.  The balanced reforms in this legislation will help do just that.” 

Witness List & Prepared Testimony:

Panel One

Panel Two

• Mr. Steven Autrey, Fredericksburg, VA
• Ms. Susan Wones, Denver, CO
• Mr. Stephen M. Strachan, York, PA 
   

Panel Three

• Ms. Sandra Braunstein, Director, Consumer Affairs Division, Board of Governors of the Federal Reserve System
• Mr. Marty Gruenberg, Deputy Director, Federal Deposit Insurance Corporation
• Ms. Julie Williams, Deputy Director and General Counsel, Office of the Comptroller of the Currency
• Mr. John Bowman, General Counsel, Office of Thrift Supervision 
   

Panel Four

• Mr. John P. Carey, Chief Administrative Officer and Executive Vice President, Citi Cards, Citigroup Inc.
• Mr. Larry Sharnak, Executive Vice President and General Manager, Consumer Cards, American Express Company
• Mr. Carlos Minetti, Executive Vice President, Cardmember Services and Banking, Discover Financial Services
• Mr. Travis B. Plunkett, Legislative Director, Consumer Federation of America
• Ms. Linda Sherry, Director, National Priorities, Consumer Action
• Mr. Ed Mierzwinski, Consumer Program Director, U.S. Public Interest Research Group

Available Member Statements: Chair Maloney, Congressman Carson

Printed Hearing: 110-109

Related Documents: ASFA, Capital One, Capital One Supplemental, ICBA