Credit C.A.R.D. Act has been re-introduced: Do not walk, run to your mailbox, phones and fax machines

In case some of you are not following the legislative news, Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, re-introduced The Credit Card Accountability, Responsibility and Disclosure Act (otherwise known as “C.A.R.D. Act”).  The Banking Committee held a hearing entitled “Modernizing Consumer Protection in the Financial Regulatory System: Strengthening Credit Card Protections,” on February 12, 2009.

New Regulation Z rules will not take effect for a long time to come as measured by “living in credit card hell” years, and this legislation is severely needed to curtail some of the worst abuses by credit card companies (which have really unleashed themselves upon consumers since the new Reg. Z rules passed, apparently trying to get in as many body-blows as they can, making account holders bleed maybe even to death, before that bell rings).

Reg. Z rules are still pretty watered down, anyway, given that there may not be much that we could anticipate in terms of any real enforcement — has the OCC done anything for you, lately, dealing with Chase (besides being a delivery service)?  So, don’t hold your breath waiting as though that will save us, even when Reg. Z does kick in. 

This is a link to the Committee Members, all of whom need to hear from you, loudly and clearly, and regularly.