Legislative Background
Recent Action on Credit Card Reform
For years, consumer advocates have sought credit card industry reforms that outlaw practices deemed "unfair and deceptive." Legislation introduced by Representative Carolyn Maloney (NY-D) passed the House in September 2008, 312 to 112, but failed to reach the Senate before Members adjourned to campaign for the national elections. The measure, H.R. 5244, would have required credit card issuers to give cardholders 45 days’ notice of any interest rate increase and prohibit "double-cycle billing" (the practice of computing charges on outstanding balances from more than one billing cycle) and "universal default" (raising a cardholder’s interest rate because of behavior related to…
