News release: “Reps. Carolyn Maloney (D-NY), author of the credit card reform bill signed earlier this year by President Obama, and Barney Frank (D-MA), Chair of the House Financial Services Committee, today introduced legislation which changes the effective date for the reforms in that bill to December 1, 2009. H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009, would move up the effective date of the remaining provisions of the Credit CARD Act, which are now scheduled for February and August 2010.”
“Pew Charitable Trust reports that interest rates have spiked by an average of 20% on credit cards representing more than 91% of the $864 billion in outstanding credit card balances. It’s clear that credit card companies are taking advantage of this period between the signing of my bill and the current effective date,” Rep. Maloney said. “The breadth and depth of the rate hikes happening now point to the need for faster consumer protections. Americans need relief now.”