Credit Cardholder's Bill of Rights
On May 22, 2009, President Barack Obama signed into law landmark credit card reform legislation that I authored. This legislation, Public Law 111-24, will end the most abusive practices of the credit card industry and level the playing field between cardholders and credit card companies.
My work on the Credit Cardholders’ Bill of Rights started in 2007, when I convened the major credit card companies and consumer groups for a roundtable discussion on how to provide better consumer protections. Following this roundtable, I released a series of gold-standard principles that formed the foundation for this legislation. Over the next two years, seven hearings were held in the Financial Institutions and Consumer Credit Subcommittee that I chaired in the 110th Congress.
The Credit Cardholders’ Bill of Rights first passed the House of Representatives in September of 2008, but was not considered in the Senate before the close of the 110th Congress. In 2009, at the beginning of the 111th Congress, I reintroduced this legislation along with Chairman Barney Frank and the new Chairman of the Financial Institutions and Consumer Credit Subcommittee, Luis Gutierrez.
On April 30, 2009, the House passed this legislation on an overwhelming bipartisan vote of 357-70. The Senate took up my bill and passed it, with amendments by a vote of 90-5 on May 19, 2009. The following day, the House of Representatives agreed with the amendments added by the Senate and sent the bill to the President.
Legislation
- Text of H.R. 627, the Credit Cardholders' Bill of Rights Act of 2009 (Signed into Law, May 22, 2009)
- One Page Summary of H.R. 627, the Credit Cardholders’ Bill of Rights Act of 2009
Documents
Statement of Administration Policy (Executive Office of the President) on H.R. 627
New Regulations Announced by the Federal Reserve to Prohibit Unfair or Deceptive Acts and Practices
Editorials in support of the Credit Cardholders Bill of Rights (9/22/08)
More on Credit Cardholder's Bill of Rights
WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY) today released the following statement on the 5 year anniversary of the Credit Card Accountability, Responsibility, and Disclosure Act she authored being signed into law.
“When I authored the Credit CARD Act, I knew it would be one of the most important consumer protections in a generation, but I had no idea how incredibly successful and important it would be. The numbers range widely, but estimates show that this law has saved the American people anywhere from $63 billion to over $100 billion over the past 5 years."
WASHINGTON – Congresswoman Carolyn Maloney (D-NY) says a new study from the Government Accountability Office is further proof that the Credit Card Accountability Responsibility and Disclosure Act reforms she authored are working. The GAO report released Monday found that credit card companies have significantly curtailed their marketing of credit cards to college students.
WASHINGTON, DC – Rep. Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee and principal author of the Credit CARD Act, hailed the first biennial report issued by the Consumer Financial Protection Bureau-- required under the CARD Act-- examining the consumer credit card market, including “the effect of the Act on the cost and availability of credit and the adequacy of protections for consumers relating to credit card plans.”
WASHINGTON, DC – Rep. Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee and principal author of the Credit CARD Act, hailed the first biennial report issued by the Consumer Financial Protection Bureau-- required under the CARD Act-- examining the consumer credit card market, including “the effect of the Act on the cost and availability of credit and the adequacy of protections for consumers relating to credit card plans.”
WASHINGTON, DC – Rep. Shelley Moore Capito (R-WV), Chair of the Subcommittee on Financial Institutions and Consumer Credit, Rep. Carolyn Maloney (D-NY), principal author of the Credit CARD Act and Ranking Member of the Subcommittee, and Rep. Louise M. Slaughter (D-NY), Ranking Member of the House Committee on Rules, today applauded implementation of a rule by the Consumer Financial Protection Bureau (CFPB) that will make it easier for stay-at-home spouses and partners to obtain credit cards in their own name under the provisions of the CARD Act.
WASHINGTON, DC – Today, Rep. Carolyn Maloney (D-12-NY), senior member of the House Financial Services Committee and principal author of the Credit Cardholders’ Bill of Rights (passed as the Credit CARD Act), issued the following statement in response to the announcement today by the Consumer Financial Protection Bureau (CFPB) that they are seeking public comment on how the CARD Act has impacted consumers and the credit card market:
WASHINGTON, DC – Rep. Shelley Moore Capito (R-WV), Chair of the Subcommittee on Financial Institutions and Consumer Credit, Rep. Carolyn Maloney (D-NY), principal author of the Credit CARD Act and Ranking Member of the Subcommittee, and Rep. Louise M. Slaughter (D-NY), Ranking Member of the House Committee on Rules, today hailed the announcement of a proposed rule by the Consumer Financial Protection Bureau (CFPB) that makes it easier for stay-at-home spouses to obtain credit cards in their own name under the provisions of the CARD Act.
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), ranking member of the House Financial Services Committee’s subcommittee on Financial Institutions and Consumer Credit, and principal author of the Credit Cardholders’ Bill of Rights (passed as the “Credit CARD Act”) issued the following statement on the settlement announced today between the Consumer Financial Protection Bureau, the Office of Comptroller of the Currency, and Capital One:
WASHINGTON – Reps. Carolyn Maloney (D-NY), Barney Frank (D-MA), Louise Slaughter (D-NY), and Mike Fitzpatrick (R-PA), today asked the Federal Reserve to conduct a six-month study of the effects of their “ability to pay” rule on stay-at-home spouses bringing to light a concern over the effect it would have on their ability to gain credit.
WASHINGTON – Reps. Carolyn Maloney (D-NY), principal author of the Credit CARD Act, and Louise Slaughter (D-NY), author of the law’s language aimed at curbing abuses aimed at those under 21 years of age, today released the following statement following a rule approved by the Federal Reserve that would require credit card issues to consider a consumer’s individual income before extending credit.