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Massa Introduces Credit Reform Bill

I suspect this is one piece of legislation which will die a swift and horrible death in the House of Representatives, but who knows? The mood of the country is on the right side of the credit reform issue right now – and we’re all looking for a way to penalize banks anyway – so maybe this thing has a shot if it gets done quickly. I wonder, though, if it might not have been wiser to have introduced as an amendment to another bill than as it’s own thing. The question is: who besides Massa is willing to publicly endorse this same bill?

WASHINGTON, D.C. – This morning Rep. Eric Massa (NY-29) introduced his first piece of legislation in Congress. The American Credit Card Reform Act has five key objectives designed to prevent predatory lending practices by the credit card industry:

  • Cap maximum credit card interest rates at 14%
  • Prohibit transfer fees
  • Prohibit predatory advertising on college campuses
  • Prohibit the changing of credit card terms if the consumer is in full compliance with the terms
  • Require due dates to be set at a minimum of 30 days from the date bills are sent

By Tommy Belknap

Owner, developer, editor of DragonFlyEye.Net, Tom Belknap is also a freelance journalist for The 585 lifestyle magazine. He lives in the Rochester area with his wife and son.