WASHINGTON, D.C. - Congresswoman Loretta Sanchez (CA-47) today voted for legislation that will better protect consumers from abusive practices by the credit card industry.  Earlier today, the House voted to move up the start date of many provisions in the Credit CARD Act, effectively limiting last-minute gouging by the credit card industry before the full law takes effect.  Once implemented, the Credit CARD Act will create new regulations for credit card companies and empower consumers by equipping them with the tools they need to manage their own credit. 

"Credit card companies are taking advantage of the Credit CARD Act's implementation period to raise interest rates, increase minimum payments, and impose additional fees on consumers," said Rep. Sanchez.  "My colleagues and I recognized these deceitful tactics and are acting with speed to protect consumers in California and across the country."

The Expedited CARD Reform for Consumers Act would move up the effective start date for Congress' previous credit card reforms from February 22^nd to the day this bill is signed into law.  The original legislation includes measures to protect consumers from unfair interest rate hikes on existing balances, double-cycle billing, and due-date gimmicks. These common-sense reforms will bring transparency and fairness to the credit card industry and provide customers with the information they need to make smart financial decisions. 

"Orange County families have had enough trouble making ends meet during this recession.  The last thing they need to deal with is deceptive credit card companies," said Rep. Sanchez.  "Expediting these reforms will help level the playing field between consumers and credit card companies and provide much-needed financial relief for families in my district."

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