Credit Cardholders Bill Of Rights
Thursday, January 22nd, 2009Welcome back!
H.R. 5244 Credit Cardholders Bill Of Rights
Consumer protection legislation sponsored by Rep. Carolyn Maloney (D-NY) that would limit interest rate hikes and hidden fees on credit card accounts. This bill passes the US House of Representatives and is awaiting a vote in the US Senate. President Barack Hussein Obama stated during the campaign that would sign the legislation into law, should the bill get through the Senate.
In the face of the “Credit Crisis”, new regulation on the card issuing banks is probably unwise and unlikely. Consumer protection laws governing banks at this point in time could potentially stifle credit card lending even further, causing a deeper spiral in the recession.
Even stark opponents of the credit card industry, like US Senator Chris Dodd ( D-CT ) are unlikely to try and move this legislation to the Senate Floor anytime soon.
MARK SANDS
1st National Processing
http://www.usa-merchantaccount.com
1-866 828-8683
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