Issue Position: Consumer Protection

Issue Position

Carolyn Maloney has always fought for consumer protections -- with great success for regular New Yorkers. She authored and supported common-sense legislation to protect families from fraud, identity theft, and predatory lending. Rep. Maloney personally crafted laws to keep New Yorkers -- and the nation -- safe, including:

-- Credit Cardholder's Bill of Rights ( CARD Act). Credit Cardholder's Bill of Rights (CARD Act). Carolyn wrote this bill, which was signed into law in 2009, to level the playing field between consumers and credit card companies, protect New Yorkers from unreasonable fees, and increase the notifications that credit card companies had to give consumers when the terms of their accounts changed. The Consumer Financial Protection Bureau (CFPB) found that Carolyn's bill has saved consumers $12 billion as a result of the lower fees and penalties. Her leadership led Money Magazine to call Carolyn "the best friend a credit card user ever had."

-- The Consumer Financial Protection Bureau. Following the financial crisis of 2008, Carolyn helped champion a new federal agency with one mission -- protecting consumers. Thanks to her work and that of many others, Congress created the Consumer Financial Protection Bureau in 2010, as part of the Dodd-Frank Wall Street Reform Act. Since its creation, the CFPB has returned billions of dollars to consumers and taken action against companies and people that violate federal consumer financial law.

-- The Overdraft Protection Act. Millions of people use debit cards everyday. Unfortunately, some financial institutions have been using deceptive tactics that can lead to huge fees hitting people's checking account. One such practice, known as overdraft protection, can sound good if you're worried about overdrawing on your account but often comes with hidden fees and penalties that can make an everyday purchase cost you significantly more than the amount of your overdraft. To crackdown on unfair overdraft fees, Carolyn introduced the Overdraft Protection Act to prevent banks from manipulating your checking accounts to maximize bank fees and to require any fees to be reasonable and proportional.

-- Unfair ATM Fees. Back in 1999, it was Carolyn Maloney who crafted the law that required ATMs to warn you if they were going to charge you a fee. While this was a major milestone for consumer rights, it was a particularly tough move for Carolyn Maloney, as many of the major banks, who opposed the measure, came from her district.

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