Protect consumers from arbitrary interest rate, fee and finance charge increases and prohibit universal default on existing balances



• Require fairness in application and timing of card payments, such as applying payments to the balance with the highest interest rate first



• Protect the rights of financially responsible credit card users by prohibiting interest charges on debt paid on time



• Provide enhanced disclosure of card terms and conditions and strengthen oversight of credit card industry practices



• Ensure adequate safeguards for young people targeted by credit card companies



• Require tougher penalties for companies that violate the Truth in Lending Act



• Protect recipients of gift cards by requiring all gift cards have at least a five-year life span, and eliminate the practice of declining values and hidden fees for cards not used within a reasonable period of time



• Encourage transparency in credit card pricing by requiring a Government Accountability Office (GAO) study on the impact of interchange fees on consumers and merchants

Dodd, in a statement, said that the agreement reached with Shelby probably marked the final compromise he would be willing to make on the legislation he has been pushing hard this year.



“While I expect some battles in the coming days from credit card companies and their allies in an effort to diminish these strict new rules,” Dodd said, “I stand ready to fight against any attempt to weaken the strong consumer protections in this bill.”

I know that dozens of senators-- all the Republicans and most of the reactionary Democrats from Evan Bayh's anti-Obama Bloc-- are trying to help out the credit card companies by killing the Credit Cardholders’ Bill of Rights Act of 2009, which is similar to a bill passed in the House April 30. That one was Carolyn Maloney's attempt 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." It passed the House 357-70 , with 105 Republicans revolting against their corrupt leadership to cross the aisle and vote with all the Democrats but one a mangy Blue Dog, Stephanie Herseth Sandlin, who is completely owned by South Dakota's powerful credit card industry.Most Democrats got behind the Senate version of the bill, the Credit Card Accountability, Responsibility and Disclosure Act of 2009, advertised as a way of preventing credit card companies from taking advantage of cash-strapped consumers with abusive and predatory lending practices. Specifically, what the bill is supposed to accomplish is this:So what happened today? One of the banking industry's most contemptible anti-consumer shills, Tom Coburn (R-OK), who has taken $900,422 in legalized bribes from the banksters in the Finance/Insurance/Real Estate sector, offered a poison pill amendment that would allow people to carry automatic weapons in National Parks. Among the Democratic lemmings who voted for this idiocy are all the anti-working families shills, like Bayh, Baucus, Specter, of course, Begich, Casey, both Nelsons, the two idiots from Arkansas and the two idiots from Colorado, Landrieu, Hagan... the whole sickening right-wing of the Senate Democratic caucus. But they were joined by a gaggle of real Democrats too scared of the gun lobby to stand up and act for the good of their own constituents-- Feingold, Reid, Klobuchar, Leahy, even Merkley! Only 28 Democrats (+ Lamar Alexander) voted against this idiotic ploy.I was already getting wary yesterday when I noticed that Dodd, the author of the bill (and a recipient of more bankster money-- $13,238,806-- than anyone else in Congress other than McCain) was negotiating with the ranking Republican/bankster shill Dick Shelby to water down the bill and make it more acceptable to a tiny segment of society who should all be lined up against a wall and, after speedy trials, shot.He didn't do a very good job of it today.

Labels: credit card companies, Credit Cardholders’ Bill of Rights Act, NRA, Tom Coburn