Washington, DC – With the holiday shopping season right around the corner, Congressman Steve Cohen (TN-9) today voted to accelerate critical reforms that will protect consumers from the abusive practices of the credit card industry.

This afternoon, the House of Representatives voted to move up the start date for a number of critical credit card reforms from February 22, 2010 to immediately after President Obama signs the bill into law, in response to some credit card companies egregiously stepping up their abusive practices for what they appear to view as a “window of opportunity” before the original effective date.  The reforms are aimed at curbing the worst practices of credit card companies – including unfair interest rate hikes on existing balances, double-cycle billing and due-date gimmicks.  In May, Congressman Cohen voted for the Credit CARD Act which implemented these reforms, and was signed into law by President Obama.

“With the holiday shopping season right around the corner, credit card companies are working overtime to make Santa’s naughty list,” Congressman Cohen said. “The Scrooge-like practices of double-cycle billing, due date gimmicks, and outrageous interest rate hikes have to end. The expedited credit card reforms that I voted for today will do just that. Equally important, these common-sense reforms will bring transparency and fairness to an industry that often hides behind fine print, empowering customers to make better informed financial decisions.”

-30-