The law was to go into effect in February 2009. The credit card companies said they needed the time to update their software. This turned out to be an excuse to engage in a little consumer gouging before the law went into effect.
So Rep. Keith Ellison (D-MN) and a bunch of other Dems got together to do something about it.
"Unfortunately, some credit card companies have abused the time that was given them to convert their computer software to meet the requirements of the law, to make last-minute rate hikes to bilk consumers of as much as they can before the law we passed kicks into gear," Ellison stated.
"This is, plain and simple, consumer gouging on the part of credit card companies at its worst," Ellison stated. "We gave the card companies a good faith grace period before the enacted reforms came into play - and they took the consumers and small businesses to the cleaners."
"The passage of H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009 puts an end to these practices that take hard-earned money from Minnesota families," the 5th District Congressman said.
(Ellison email press release)
