Maloney’s terms
U.S. Rep. Carolyn Maloney (D-NY) made headlines this week by issuing the well-guarded terms of a credit card reform bill she will soon draft. The terms, heretofore undisclosed, are fourfold, according to The Washington Post:
1) Issue credit with realistic repayment expectations.
2) Clear language in terms, conditions, features, etc.
3) Adequate notice and options when terms change.
4) Credit education from credit card issuers, especially geared toward new cardholders, students and the elderly.
Maloney, chair of the House Financial Institutions Subcommittee is inviting public comment on the matter via her web site and told the Post that she hopes to have a bill before the full committee by October.
Maloney says the legislative initiative also serves as a show of support to back up the Federal Reserve’s call for credit card reform. I say three cheers for Maloney.
June 6th, 2008 at 10:56 pm
[…] mentioned in August, U.S. Rep. Carolyn Maloney (D-NY) has been drafting new legislation focusing on credit card reform. That bill was presented to the floor last week, along with a sort of companion bill in the Senate, […]