Hold Your Credit Card Company Accountable

From: Americans for Financial Reform

Sent: Tuesday, April 13, 2010 11:12 AM

Subject: Hold Your Credit Card Company Accountable

April 13, 2010 Dear Daniel, Last year, thousands of you told us about unexplained credit card rate hikes that had little to do with your payment history.  Now we need you to tell the Federal Reserve Board and the Senate that you want those interest rates reviewed this year - and rolled back if they're unfair! The banks thought they fooled us by jacking up credit card interest rates and fees over the past months before the Credit CARD Act went into effect.  Under the new law, consumers have the right to have their interest rate hikes reviewed and reduced if the reasons for them have changed, and penalty charges for things like late payments and going over your limit have to be reasonable, too.   However, the Fed came out with a bad proposal that would delay your right to a rate review until next year and seriously delay the implementation of other pro-consumer changes.  But now there's a chance to turn the tables, speak out against these rate hikes, and demand that we get the credit card reforms we need sooner, not later. Credit card companies have gotten away with highway robbery because regulators have been asleep at the switch.  That's why we're pushing for a regulator who will truly watch out for consumers:  a Consumer Financial Protection Agency (CFPA).  A CFPA could have prevented unfair rate hikes in the first place.  We need a CFPA to protect us from outrageous penalty rates and fees, tricky fine print, and whatever trap the credit card companies come up with next. The Senate is considering legislation to create a CFPA - and to hold big banks accountable.  We've got to make sure they hear our message now so the legislation is strong and effective!  We need true consumer protection, an end to the casino economy, and no more "too big to fail."  We need reforms to hold Wall Street accountable and prevent another financial crisis. Let's inundate the Federal Reserve Board and the Senate with our message.  Tell decision-makers that we deserve fair credit card rates, a regulator who watches out for consumers, and an economy that works for Main Street, not just Wall Street. Sincerely, Heather Booth Director, AFR Join us on your favorite social network!    Support Our Work

Americans for Fairness in Lending 7 Winthrop Square, 4th Floor, Boston, MA 02110

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