This is our past site. Please visit us at our new website:
Thursday, May 27, 2010
Credit Cardholders' Bill of Rights saving consumers billions of dollars a year
USA Today recently reported that the Credit Cardholders' Bill of Rights, a bill that I authored, is saving consumers billions of dollars a year:
"New credit card and overdraft restrictions will save U.S. consumers
from being charged at least $5 billion in fees this year alone at the
largest U.S. retail banks and credit card companies,
a USA TODAY analysis reveals."
I have always been a champion for consumers like you. That's why I stood up to the special interests and fought to level the playing field between consumers and credit card companies. This bill bans abusive and deceptive practices, such as retroactive rate increases on existing balances and double cycle billing.
It's been a long fight. But after years of hard work, I was proud to stand with President Obama as he signed this historic bill into law. After he signed it, the President gave me the pen and a kiss – but all of you got something even better: billions of dollars back in your pocket.
I'm proud of what we've accomplished together, but there's much more work to do.