Comments on: Keep Writing, Faxing, Calling, Visiting, Your Representatives in Congress

By: RegulateNow

RegulateNow — Thu, 23 Apr 2009 22:56:30 +0000

It sounds like our legislators are finally getting the message:

http://www.cbsnews.com/blogs/2009/04/23/business/econwatch/entry4964729.shtml

While President Obama met today with executives from the leading credit card companies, two senators called on the Federal Reserve to immediately implement an emergency freeze on interest rates tied to existing balances on credit cards.

The Federal Reserve plans to implement a new set of rules for credit card lending beginning July 2010, but that is too long to wait, Senators Chris Dodd (D-Conn.) and Chuck Schumer (D-N.Y.) said in a letter sent to Federal Reserve Chairman Ben Bernanke and other regulators. Companies are increasing interest rates now before the new rules go into effect, they said.

“Consumers describe situations to our offices in which the interest rates on their accounts have doubled or tripled overnight, without any misconduct on their part,” the letter says. “This kind of practice clearly violates the spirit and intention of the rules, even if the delayed implementation date has the effect of making such behavior legal.”

By: elly

elly — Thu, 23 Apr 2009 20:22:54 +0000

I just watched Your World Cavuto show (some “idiot” was substitute host).

Guest, Jared Bernstein, was trying to explain to him the dfference between people who are fiscally irresponsible and those who entered into a fixed interest promotional agreement and met their contractual commitment only to have the terms unilaterally changed by the credit card company.

The substitute host (who I gather has a law degree) kept interrupting and ignoring what Bernstein was telling him.

It was not only shocking but, disheartening, to see how Cavuto’s substitute host totally missed Bernstein’s point and continued to rant about cardholders getting themselves into their own mess.

By: RegulateNow

RegulateNow — Thu, 23 Apr 2009 13:08:41 +0000

S 414 introduced by Chris Dodd is a bill with A LOT of meat in it. Here is the summary for the bill: http://www.govtrack.us/congress/bill.xpd?bill=s111-414&tab=summary

HR 627 definitely has less teeth, but it is still a step in the right direction:
http://www.govtrack.us/congress/bill.xpd?bill=h111-627&tab=summary

While we should remain vigilant in fighting irresponsible and draconian credit card agreements in any way we can. We have a real opportunity here with public sentiment so strongly against the major issuers. Normally consumer protections bills are introduced and quietly killed, however there looks to be some real traction and populist anger on this specific issue. It’s not often when the ticker on the Today show reads, “Obama administration to meet with credit card industry to discuss abusive practices.”

By: steve

steve — Thu, 23 Apr 2009 11:50:32 +0000

Any change for the consumer is good. ..although I dont see anything of any substance changing. Too many politicians are being paid off.
If there is change, I dont think those striving for reform will be trivialized…it would be a small victory, but a victory nonetheless.

By: Alessandro Machi

Alessandro Machi — Thu, 23 Apr 2009 10:02:21 +0000

My concern is that no “heroes” or consumer watchdogs are going to come out of this. If only congress and the credit card companies are involved, plus faceless millions, where is the lightening rod consumer advocate that can get media attention the next time the credit card companies behave badly.

My fear is that the fledgling credit card watchdog groups that said enough is enough will be minimized once this biill goes through, which will sabotage the ability to monitor the credit card companies and have any kind of ability to attract the media.

Will there be any retroactivity to this bill?

http://www.Daily-Protest.com