Contact: Maggie McKeon 518-649-2517

Washington, DC, Nov 4 - Today, Congressman Scott Murphy voted to speed up critical reforms to protect consumers from abusive credit card industry practices.  By passing the bipartisan Expedited CARD Reform for Consumers Act, Congress moved up the start date of much of the Credit CARD Act, acting to limit the worst practices of credit card companies before the full law takes effect next year. In addition, Congressman Murphy is urging his constituents to contact him if they are facing any unfair credit card fees and practices.

The Credit CARD Act, passed by Congress and signed by the President in May, implemented tough regulations on the credit card industry and empowered consumers by equipping them with the tools they need to manage their own credit.  With the original act not taking effect until February 22, however, credit card companies have pounced on the implementation period to raise interest rates, minimum payments and fees on consumers.

“Access to credit is crucial to getting our economy back in track,” said Rep. Murphy. “Unfortunately, many consumers instead find themselves fighting an uphill battle against their credit card companies.  This bill takes a step to restore fairness and get our economy working again for the families and small businesses of New York’s 20th Congressional District.”

The Expedited CARD Reform for Consumers Act moves the effective date for these critical credit card reforms from February 22nd to December 1st.  The original legislation includes crucial measures that protect consumers from unfair interest rate hikes on existing balances, double-cycle billing, and due-date gimmicks. The common-sense reforms in this bill will bring transparency and fairness to the credit card industry and will provide customers with the information they need to make smart financial decisions.  

Congressman Murphy is urging his constituents to contact his offices if they experience unfair credit card fees and practices.  If you think your credit card company is taking advantage of the implementation period and treating you or a member of your family unfairly, please contact the Congressman’s offices in Saratoga Springs at 518-581-8247, Hudson at 518-828-3109, Glens Falls at 518-743-0964, Clifton Park at 518-280-1791, or Washington at 202-225-5614.