Washington, DC– Nevada Senator Harry Reid released the following statement regarding the Credit Card Accountability, Responsibility and Disclosure (CARD) Act, which goes into effect today:
“I hear from too many Nevadans who are overwhelmed with credit card debt, often times because they are just trying to support their families and make ends meet with responsible credit card usage. But for too long, credit card companies have taken advantage of consumers with unfair and deceptive policies. Today marks a critical turning point that will level the playing field for consumers.
“The Credit CARD Act enacts new rules that will protect American consumers from abusive credit card practices. This legislation prevents unfair hikes in interest rates, limits arbitrary fees, protects vulnerable populations like young adults, promotes fair payment practices and establishes clear rules that will help consumers stay in control of their credit.
“I commend Chairman Dodd and his committee for leading the passage of this landmark legislation. We know their work to restore fairness for middle class families will continue with financial regulatory reform efforts later this year. Today’s enactment of these rules demonstrates how serious Senate Democrats are about helping middle class families thrive again.”