(Warwick, R.I.) - Congressman Jim Langevin today continued to advocate for credit card reform by signing a letter to the Federal Reserve, the Office of Thrift Supervision, and the National Credit Union Administration in support of a proposed rule, under the Federal Trade Commission Act, to ban unfair or deceptive credit card practices.

“In these tough economic times, when people are turning more and more to their credit cards to pay for groceries and gas, the federal government must take swift action to reform major credit card industry abuses and improve consumer protections for cardholders,” said Langevin. “The letter I signed today applauds theses agencies for working to provide all Americans with fairer treatment and a better opportunity to manage their credit responsibly.”

Langevin is also currently a cosponsor of H.R 5244, the Credit Cardholders’ Bill of Rights, which would:
• Require card companies to give cardholders advance notice of any interest rate hike
• Gives cardholders the right to say “no” to borrowing money at a higher interest rate than they originally agreed to
• Stop tricks and traps that make cardholders incur rate hikes and increased fees
• Empower cardholders to set limits on their credit
• Shield cardholders from misleading terms
• Protect vulnerable consumers from fee-heavy subprime cards
• Require Congress to provide better oversight of the credit card industry

“The Credit Cardholders’ Bill of Rights will help level the unfair playing field between card companies and cardholders by giving consumers a voice,” continued Langevin.

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