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Credit Cardholder Protections
Started On: Started On: Saturday, May 03, 2008
Closed On: Thursday, January 28, 2010
Economic and Social Development
USHAA is pleased with the enactment of the Credit Cardholders Bill of Rights as it addresses the cause which we have been advocating for the past several years. While the legislation did not address all our concerns, it goes a long way toward establishing better protection for consumers. Under the new law, credit card issuers won't be able to:
• Delay applying payments so that consumers incur a late fee even though the payment arrived on time.
• Charge online or phone fees to gig consumers who pay close to the due date (in order to keep their money earning interest for them, not their creditors).
• Send bills close to or on the due date. Bills must go out at least 21 days before they're due.
• Change rates or terms without giving consumers 45 days' notice. Although the credit reform bill doesn't go into effect for nine months, this particular provision takes hold in 90 days. As we have stated, it's OK for credit card companies and banks to make a fair profit, but predatory business practices directed at Latino and other low-income consumers must end!
OUR ORIGINAL PETITION:
1. We will no longer tolerate predatory business practices directed at consumers.
2. The Federal Reserve should adopt rules to protect credit card users:
a. Ending abusive practices like conceiling high penalty fees;
b. Ending practice of raising interest on outstanding credit balances;
c. Ending practice of classifying borrowers as “late” that did not receive statements;
d. Ending practice of applying payments to lower interest charges first; and
e. Ending practice of calculating one month of fees based on two months' activity.
3. The rules should be extended to interest rates charged on overdraft protection.
4. Lenders must be transparent and make full disclosures that are easily understood.
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