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NEWS RELEASE
April 30, 2009
ABA Media Contact: Peter Garuccio
(202) 663-5452
E-mail: pgarucci@aba.com
ABA STATEMENT ON HOUSE PASSAGE OF H.R. 627
by Edward L. Yingling, president and CEO, American Bankers Association
“While we remain committed to working with policymakers as further refinements are made, the American Bankers Association continues to have serious concerns about H.R. 627, the ‘Credit Cardholders’ Bill of Rights,’ which passed the House today.
“As policymakers are aware, it is vitally important to maintain access to credit at this difficult economic time. This is especially true for credit cards, which serve as a driver of economic activity and are relied on by consumers and small businesses as a way to bridge short-term financial gaps.
“Sweeping new rules adopted in December by the Federal Reserve significantly enhance consumer protection for credit card users by vastly improving transparency in card agreements and prohibiting various practices considered problematic for cardholders.
“The ABA strongly believes that any additional legislative efforts should strive to achieve the right balance between enhancing consumer protection and ensuring that credit remains available to consumers and small businesses at a reasonable cost. We continue to believe that more work needs to be done to achieve that balance.”
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The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $13.6 trillion in assets and employ over 2 million men and women.
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