Press Releases

(Washington, DC)— U.S. Congresswoman Gwen Moore (D-Milwaukee) commends the common-sense consumer protections that go into effect today that passed Congress and were signed into law last year as part of a credit card reform bill, the Credit CARD Act.

Congresswoman Moore said, “This is a real victory for consumers.  When Congress passed this bill, we wanted to protect consumers from unfair and abusive practices.  And today it’s done.”

Specifically, provisions prohibiting rate increases on existing balances and double-cycle bill – or charging interest twice on the same balance – are effective today.  Additionally, starting now, credit card companies can no longer charge over-limit fees unless cardholders specifically authorize over-limit transactions and young people under the age of 21 need a parent or guardian’s signature to apply for a card unless they have independent means of repayment.

Congresswoman Moore voted for the legislation when it passed Congress last May.

###

For an interview with Congresswoman Gwen Moore, please contact David Frey at 202-225-4572.