Rush joins in overwhelming House vote in support of H.R. 627, the Credit Cardholders' Bill of Rights

WASHINGTON – Today, in a strong bipartisan show of support for the American middle-class, the House voted 361 to 64 in support of "The Credit Cardholders' Bill of Rights," a bill that provides a long overdue series of sweeping reforms aimed at applying fairness and common sense in the regulation of the nation's credit card industry.  U. S. Rep. Bobby L. Rush (IL-01) voted "yes" in support of this measure that is en route to the President's desk for signature.

"I have always stood for equitable treatment of consumers, especially low- to moderate-income men and women who often rely on their credit cards at a much rate higher than wealthy consumers," said Rush.  "Today's vote says loudly and clearly that the days of confusing and obscure interest rate information, not to mention punitive fees that are often applied to cardholders who pay their bills on time, will be a thing of the past shortly after the President signs this bill.  H. R. 627 is a much needed protection for consumers who work hard and play by the rules and I believe it will help make a difference as the House continues to work with the Obama Administration to right our economic ship of state."

• Key provisions of the legislation include:
• Prohibits arbitrary interest rate increases on existing balances, unless the consumer is 60 days late on a payment or fails to comply with a workout agreement
• Strengthens protections against excessive fees on low-credit, high-fee credit cards
• Prohibits late fees if the card issuer delayed crediting the payment
• Requires each issuer to post its credit card agreements on the Internet, and provide those agreements to the Federal Reserve Board to post on its website

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