McCaskill Statement on Credit Card Reform Legislation Taking Effect

Statement

U.S. Senator Claire McCaskill made the following statement today as the credit card bill took effect. The law, which McCaskill co-sponsored, targets the worst practices of the credit card industry. Companies will be required to, among other things, give ample notification regarding changes in the terms of credit cards, set forth standard payment dates and times, and end common practices of retroactively increasing rates.

"Most people agree that if you play by the rules, you deserve a fair shake. Finally credit card companies will be held to this common sense standard. Starting today we are going to see more fairness and more transparency in this industry. Credit card companies will no longer be able to yank consumers around with arbitrary interest rate hikes, unexplained fees and other predatory lending practices."

McCaskill has been an advocate for better credit card industry practices since she arrived in the Senate, introducing credit card reform legislation with Senator Carl Levin (D-MI) in May of 2007. She also co-sponsored a provision to protect college students from credit card marketing ploys with Senator Herb Kohl (D-WI). Some provisions from these bills were included in the final legislation, most of which came into force today.

Source