(Washington, DC) - Today, Congressman Baron Hill voted to accelerate critical reforms that will protect Hoosier consumers from the abusive practices of the credit card industry. By moving up the start date of much of the Credit CARD Act, the worst practices of credit card companies will be limited before the full law takes effect. The Credit CARD Act implemented tough regulations on the credit card industry and empowered consumers by equipping them with the tools they need to manage their own credit. 

“Credit card companies have taken advantage of the implementation period between President Obama signing the Credit CARD Act into law and the February 22nd start date to raise interest rates, minimum payments, and fees on consumers,” Hill said.  “I have heard from numerous constituents on this issue, and am pleased we acted so swiftly.”

The Expedited CARD Reform for Consumers Act, H.R. 3639, moves up the effective date for these critical credit card reforms from February 22nd to immediately following the President’s signing this bill into law.  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. 

“The last thing Hoosier families need during this time of economic downturn is an unfair battle with deceptive credit card companies,” Hill said.  “Expediting credit card reforms will level the playing field between consumers and credit card companies and provide much-needed financial relief to consumers.”

The U.S. House of Representatives passed H.R. 3639 by a bipartisan vote of 331 to 92.