FOR IMMEDIATE RELEASE
Wednesday, August 6, 2008
Woodstock Institute, a Chicago-based research and policy development non-profit, applauds the House Financial Services Committee’s approval of H.R. 5244, The Credit Cardholders’ Bill of Rights. The bill was passed late Thursday night by a vote of 39 – 27, and is expected to face a full House vote in September.
“Bait and switch clauses, double-cycle billing, and cut-off times designed to rack up late fees––these are the practices that are specifically prohibited by H.R. 5244,” said Woodstock President Dory Rand.
Woodstock Institute also applauded Congresswoman Melissa Bean, for her action in the Committee. “Congresswoman Bean did the right thing by voting for the bill, and against weak amendments,” said Ms. Rand. “We commend her for her position, and urge her to continue her support when the bill reaches the House floor.”
Woodstock Institute is a 35-year old research and policy development organization working to document practices in the financial services industry that restrict access to credit and basic banking services in underserved markets.
The Credit Cardholders’ Bill of Rights is expected to be addressed by the full House of Representatives in September.