Blog: Hastings on the 4th Anniversary of the Credit Cardholders Bill of Rights

Statement

Today marks the fourth anniversary of the passage of the Credit Card Accountability Responsibility and Disclosure Act of 2009, also known as the Credit Cardholder's Bill of Rights. I was proud to have supported this important bipartisan piece of legislation. The Credit Cardholders Bill of Rights was a major step in better protecting consumers. Although, the law has not completely put an end to abuses by certain credit card companies, it represents a significant step forward in protecting American consumers, and serves as an important foundation for future reforms.

Many families in South Florida and throughout the United States are already benefiting from this law. For example, consumers are protected from restrictions preventing the sudden increase of interest rates, prohibitions on the issuing of credit cards to minors, and new rules making it easier to understand the terms and conditions of opening a credit card account. Simply put, this law holds credit card companies accountable, while protecting consumers from unfair practices.

Now more than ever, we need bipartisan cooperation to protect consumers. The Credit Cardholder's Bill of Rights provides Americans with the information and protections they need to improve their financial standing and security. As a Member of Congress, I remain committed to defending consumer rights and will continue working with my colleagues in Congress to implement clear consumer reforms that benefit all Americans.

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