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Article: AUTHOR OF CREDIT CARD REFORM ACT REACTS TO REPORTS OF NEW FEDERAL REGULATIONS ON CREDIT CARDS

Article from:
US Fed News Service, Including US State News
Article date:
April 29, 2008
Copyright

The office of Sen. Robert Menendez, D-N.J., issued the following news release:

According to news reports today, federal regulators are preparing new regulations on credit cards to be announced on Friday. Those regulations reportedly may include curbs to such practices as raising a cardholder's interest rate based on an unrelated credit issue and increasing the interest rate on a cardholder's existing balance, although it is unclear how strong the regulations will be.

U.S. Senator Robert Menendez (D-NJ) is the author of the Credit Card Reform Act (S. 2753), which addresses these and a number of other deceptive and unfair credit card practices and which goes further in protecting consumers ...

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