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Colorado: Maloney

May 21, 2009 - 10:21 am
NEWS FEED: Denver Post

Credit-card reform, behind the scenes

By Michael Riley

WASHINGTON — The Senate on Tuesday overwhelmingly approved a credit-card holders protection act — a version of an idea first introduced in the House more than four years ago by then-Rep. Mark Udall.

The bill that passed the Senate — and which will be reconciled with a House version this week — clamps down on the freedom of banks and credit-card companies to sharply increase rates even on consumers with good credit.

Sen. Udall, a Democrat from Eldorado Springs, hatched the idea in 2005 after watching a staff member's experience with a credit-card company that boosted his interest rate to 21 percent even though he had never missed a payment.

Read More at Denver Post >
There have been 34 comments posted in response to this story.

January 14, 2009 - 05:40 pm
NEWS FEED: Colorado Independent

Udall to introduce Senate version of ‘Credit Cardholders Bill of Rights’

By Mike Lillis

Newly-minted Sen. Mark Udall (D-Col.), has scheduled a press call this afternoon to announce his plans to introduce legislation to end the abusive practices of credit card issuers. This isn’t enormous news — as a member of the House, Udall had strongly supported the lower chamber’s version of the Credit Cardholders Bill of Rights, sponsored by Rep. Carolyn Maloney (D-N.Y.), and he has vowed since the election to introduce the same bill in the Senate.

But his push in the Senate is interesting for several reasons.

Until now, most of the efforts to rein in the credit card industry have been limited to the House.

Read More at Colorado Independent >
There have been 22 comments posted in response to this story.