The U.S. Senate passed the Credit
\nCard Accountability Responsibility and Disclosure Act of 2009 today by
\na vote of 90 to 5. Oregon’s Senator Jeff Merkley was an original
\nco-sponsor of the bill and urged the White House to support strong protections
\nfor consumers.<\/p>\n
\n“Today’s vote in favor of
\ncredit card reform is a huge victory for American consumers,” said
\nMerkley. “The CARD Act will end deceptive practices and hidden fees that
\nare stripping wealth from Oregon families. I hope we’ll soon have a bill
\non the President’s desk to ensure that these reforms are in place and helping
\nconsumers.”<\/span><\/p>\n<\/blockquote>\nWhile the Federal Reserve has
\nissued new regulations addressing some abuses, those reforms would not go into
\neffect until July 2010 – too late for many consumers who are already deeply in
\ndebt because of the economic crisis. President Obama has repeatedly
\nstated that credit card fairness is a high priority for his
\nAdministration. The president even held a town hall in New Mexico on the
\ntopic last week.<\/p>\n\n“I have heard from families
\nacross Oregon who have been hit with fees and arbitrary rate increases even
\nthough they paid their bills on time and did everything right. It’s time
\nto diffuse the ticking time bomb of credit card debt that resides in the
\npockets of every American,” said Merkley.<\/span><\/p>\n<\/blockquote>\nThe Credit CARD Act would both
\nspeed up and strengthen reforms of the industry by: <\/p>\n\n
- Prohibiting
\n “universal default” on existing balances, the bait-and-switch practice of
\n raising interest rates on a consumer for actions unrelated to the card in
\n question;<\/li>\n- Requiring
\n payments beyond the minimum monthly payment be applied to balances with
\n the highest rate of interest; <\/li>\n- Prohibiting
\n fees based on the method of payment, be it telephone, mail, internet, or
\n otherwise;<\/li>\n- Prohibiting card companies from issuing late fees
\nif the card issuer delayed crediting the payment;<\/li>\n- Requiring card companies who increase a
\ncardholder’s interest rate to review that decision in six months and decrease
\nthe rate if warranted;<\/li>\n- Requiring that consumers affirmatively “opt-in”
\nto over-the-limit plans, which will protect consumers from unwanted and unfair
\nover-the-limit fees; and<\/li>\n<\/ul>\n<\/p>\n
\n
- Limiting
\n the aggressive solicitation of young people.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"The U.S. Senate passed the Credit Card Accountability Responsibility and Disclosure Act of 2009 today by a vote of 90 to 5. Oregon’s Senator Jeff Merkley was an original co-sponsor of the bill and urged the White House to support strong protections for consumers. “Today’s vote in favor of credit card reform is a huge […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[47],"class_list":["post-7132","post","type-post","status-publish","format-standard","hentry","category-press-releases","tag-protecting-consumers-taxpayers-and-the-economy"],"acf":[],"yoast_head":"\n
Merkley: Credit Card Reform On the Way - Merkley<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.merkley.senate.gov\/es\/merkley-credit-card-reform-on-the-way\/\" \/>\n<meta property=\"og:locale\" content=\"es_MX\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Merkley: Credit Card Reform On the Way - Merkley\" \/>\n<meta property=\"og:description\" content=\"The U.S. Senate passed the Credit Card Accountability Responsibility and Disclosure Act of 2009 today by a vote of 90 to 5. Oregon’s Senator Jeff Merkley was an original co-sponsor of the bill and urged the White House to support strong protections for consumers. “Today’s vote in favor of credit card reform is a huge […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.merkley.senate.gov\/es\/merkley-credit-card-reform-on-the-way\/\" \/>\n<meta property=\"og:site_name\" content=\"Merkley\" \/>\n<meta property=\"article:published_time\" content=\"2009-05-19T16:39:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-24T15:11:47+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Merkley: Credit Card Reform On the Way\",\"datePublished\":\"2009-05-19T16:39:00+00:00\",\"dateModified\":\"2023-07-24T15:11:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/\"},\"wordCount\":388,\"keywords\":[\"Protecting Consumers, Taxpayers, and the Economy\"],\"articleSection\":[\"Press Releases\"],\"inLanguage\":\"es-MX\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/\",\"url\":\"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/\",\"name\":\"Merkley: Credit Card Reform On the Way - Merkley\",\"isPartOf\":{\"@id\":\"https:\/\/www.merkley.senate.gov\/#website\"},\"datePublished\":\"2009-05-19T16:39:00+00:00\",\"dateModified\":\"2023-07-24T15:11:47+00:00\",\"author\":{\"@id\":\"\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/#breadcrumb\"},\"inLanguage\":\"es-MX\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.merkley.senate.gov\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Merkley: Credit Card Reform On the Way\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.merkley.senate.gov\/#website\",\"url\":\"https:\/\/www.merkley.senate.gov\/\",\"name\":\"Merkley\",\"description\":\"Merkley\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.merkley.senate.gov\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"es-MX\"},{\"@type\":\"Person\",\"@id\":\"\",\"url\":\"https:\/\/www.merkley.senate.gov\/es\/author\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Merkley: Credit Card Reform On the Way - Merkley","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.merkley.senate.gov\/es\/merkley-credit-card-reform-on-the-way\/","og_locale":"es_MX","og_type":"article","og_title":"Merkley: Credit Card Reform On the Way - Merkley","og_description":"The U.S. Senate passed the Credit Card Accountability Responsibility and Disclosure Act of 2009 today by a vote of 90 to 5. Oregon’s Senator Jeff Merkley was an original co-sponsor of the bill and urged the White House to support strong protections for consumers. “Today’s vote in favor of credit card reform is a huge […]","og_url":"https:\/\/www.merkley.senate.gov\/es\/merkley-credit-card-reform-on-the-way\/","og_site_name":"Merkley","article_published_time":"2009-05-19T16:39:00+00:00","article_modified_time":"2023-07-24T15:11:47+00:00","twitter_card":"summary_large_image","twitter_misc":{"Written by":"","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/#article","isPartOf":{"@id":"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/"},"author":{"name":"","@id":""},"headline":"Merkley: Credit Card Reform On the Way","datePublished":"2009-05-19T16:39:00+00:00","dateModified":"2023-07-24T15:11:47+00:00","mainEntityOfPage":{"@id":"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/"},"wordCount":388,"keywords":["Protecting Consumers, Taxpayers, and the Economy"],"articleSection":["Press Releases"],"inLanguage":"es-MX"},{"@type":"WebPage","@id":"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/","url":"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/","name":"Merkley: Credit Card Reform On the Way - Merkley","isPartOf":{"@id":"https:\/\/www.merkley.senate.gov\/#website"},"datePublished":"2009-05-19T16:39:00+00:00","dateModified":"2023-07-24T15:11:47+00:00","author":{"@id":""},"breadcrumb":{"@id":"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/#breadcrumb"},"inLanguage":"es-MX","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.merkley.senate.gov\/merkley-credit-card-reform-on-the-way\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.merkley.senate.gov\/"},{"@type":"ListItem","position":2,"name":"Merkley: Credit Card Reform On the Way"}]},{"@type":"WebSite","@id":"https:\/\/www.merkley.senate.gov\/#website","url":"https:\/\/www.merkley.senate.gov\/","name":"merkley","description":"merkley","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.merkley.senate.gov\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"es-MX"},{"@type":"Person","@id":"","url":"https:\/\/www.merkley.senate.gov\/es\/author\/"}]}},"_links":{"self":[{"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/posts\/7132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/comments?post=7132"}],"version-history":[{"count":1,"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/posts\/7132\/revisions"}],"predecessor-version":[{"id":16508,"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/posts\/7132\/revisions\/16508"}],"wp:attachment":[{"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/media?parent=7132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/categories?post=7132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/tags?post=7132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}