Congress Passes Credit Cardholders' Bill of Rights Act

On May 19, 2009 the Senate passed the Credit Cardholders' Bill of Rights Act of 2009:

H.R.627:

Title: To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes.

Roll Call 194:

YEAs 90 — NAYs 5 — Not Voting 4

Credit Cardholders’ Bill of Rights On Way to President

This afternoon, the House passed the final version of the Credit Cardholders’ Bill of Rights (H.R. 627) by a vote of 361-64 – leveling the playing field between card issuers and cardholders by applying common-sense regulations that would ban retroactive interest rate hikes on existing balances, double-cycle billing, and due-date gimmicks.