Updates - Credit Card Industry (Allegedly) Defeated for Now?
Date: Fri, 04/10/2009 - 05:21
Submitted by Chrys Henderson
on
Fri, 04/10/2009 - 05:21
Total Replies: 3
"http://americannewsproject.com/videos/credit-card-industry-defeated-now"
A Call to Action for Real Financial Services Reform
"http://www.naca.net/_assets/shared/633748913867981250.pdf"
Senators Explore Credit-Card Rule Changes
"http://online.wsj.com/article/SB123791184773426601.html"
House again weighs Credit Cardholders' Bill of Rights
Federal legislation would codify pro-consumer card regulations
"http://www.creditcards.com/credit-card-news/credit-cardholders-bill-rights-house-hearing-1282.php"
LEGISLATIVE UPDATE: Credit Card Rules
"http://www.rotor.com/Default.aspx?tabid=510&newsid905=61049"
Credit Card Reform Comes Back To Congress
Dual hearings emphasize need for changes to industry
"http://www.consumeraffairs.com/news04/2009/03/credit_card_reform.html"
Please - contact your Senator and your Representative and let them know that you do not want them dragging their feet on this. The video I posted above stated that the room was FILLED with lobbyists for the credit card & banking industries, but ONLY **THREE** (3) representing the consumer. Make some noise! Let them know that the American people demand swift action!
Sally forth!
Wait.. I thought the credit card reform was already law? Just it
Wait.. I thought the credit card reform was already law? Just it couldn't take effect until later this year?
Well, according to the video (released Apr 9) the Fed made some
Well, according to the video (released Apr 9) the Fed made some new consumer protection rules (Regulation Z) that won't go into effect until July 2010, not to mention it does not carry the force of law and industry lobbyists can weaken it significantly. Those Fed rules are supported by the industry, so that should tell you who they really benefit. ;) The video explains more. It is also the newest bit of news/info I could find. See the Fed's Testimony before the House on March 19, 2009. A very interesting thing is that Reg. Z was introduced in June of 2007 and again in May 2008. Another interesting thing: "The Board received and considered more than 60,000 comments in response to this proposal, more than for any other regulatory proposal in our history." THAT MANY and it took them so long?
HR 5244, the Credit Cardholders' Bill of Rights Act of 2008, was voted in by the House on Sep 23, 2008, but has not yet been voted on in the Senate, where it is facing a fight. See the US Congress page on HR 5244. In the House, 111 Republicans and 1 Democrat voted against it, but it still received 72% of the votes.
PLEASE show some interest in this, it effects us all, and now we have the opportunity to do something about it. Look at the stats: Bill's Page Views - This Week: 46 All-Time: 3561.
3500? ONLY?
There is also HR 1476 which was an amendment to the above, also voted on in the House. This one, NO Republicans voted Aye.
Although, there is this most interesting oddity (you can expect no less from Congress, that gaggle of obsequious crooks):
From OpenCongress: "HR 1476 - Providing for consideration of the bill (H.R. 5244) to amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes." And THEN, on the Library of Congress's THOMAS site: "H.R.1476 - Title: To require automobile manufacturers to ensure that not less than 80 percent of the automobiles manufactured or sold in the United States by each such manufacturer to operate on fuel mixtures containing 85 percent ethanol, 85 percent methanol, or biodiesel." And HR5244 is Not Found on THOMAS.
Things that make you go hmmmmmmmm..................