67 - ABI Interview with Congresswoman Carolyn Maloney on the Credit Cardholders Bill of Rights

The latest ABI podcast features a discussion between ABI Executive Director Samuel J. Gerdano and Rep. Carolyn Maloney (D-N.Y.) about legislation that Maloney is sponsoring titled the Credit Cardholders' Bill of Rights Act. H.R. 627 would prohibit issuers from raising rates on existing balances retroactively, require a 45-day notice of any rate increase and ban billing on balances for days not included in the last billing cycle as a result of a grace period. It is similar to rules promulgated by the Federal Reserve that will go into effect in July 2010, but contains some additional consumer protection. The bill passed the House of Representatives on April 30 by an overwhelming margin (357-70) and now moves on to the Senate for consideration. Maloney was elected to Congress in 1992 and has established a reputation as an advocate for consumer-protection issues, especially those to protect consumers from predatory credit card practices. Maloney sponsored a similar credit card protection bill that passed the House last year (312-112), but was not taken up in the Senate. During this interview, Maloney discusses H.R. 627 and its prospects for passage into law this year.