(Warwick, R.I.) - Congressman Jim Langevin today voted for H.R. 5244, the Credit Cardholders’ Bill of Rights Act, which will help level the unfair playing field between card companies and cardholders by giving consumers a stronger voice and enforceable rights.  The bill passed the House of Representatives by a vote of 312-112.

“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, a cosponsor of H.R. 5244. “Instead of looking the other way while Americans fall deeper into debt, Congress must protect their financial interests and put an end to the tricks and traps used by credit card companies to undermine a competitive market.  The balanced reforms in the Credit Cardholders’ Bill of Rights will help do just that, while also helping to foster fair competition.”

The Credit Cardholders’ Bill of Rights 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

In June, Langevin advocated 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.

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