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Thursday, September 2, 2010

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Home > Payment Cards Center > Legislative Update > January – March 2009

Legislative Update

January – March 2009

Federal Legislation

Proposed Legislation

Credit Cardholders' Bill of Rights Act Reintroduced

On January 22, Rep. Carolyn Maloney (D-N.Y.) reintroduced in the House a bill, the Credit Cardholders' Bill of Rights Act of 2009 (H.R. 627), that would prohibit a number of misleading or predatory practices by credit card issuers. The bill was originally introduced in February 2008 (H.R. 5244) and approved by the House but failed in the Senate. (See Banking Legislation and Policy, Volume 27, Number 1, for information on the bill's provisions.) The reintroduced bill was referred to the House Committee on Financial Services. Companion legislation (S. 235) was introduced on January 14 by Sen. Charles Schumer (D-N.Y.) and referred to the Senate Committee on Banking, Housing, and Urban Affairs.