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August 27, 2010
NEW CREDIT CARD CONSUMER PROTECTIONS
Additional Provisions, Including Banning High Penalty Fees, Went Into Effect on August 22, 2010
In May 2009, the Credit Cardholders’ Bill of Rights (Credit CARD Act) was signed into law to protect consumers and crack down on credit card industry abuses such as excessive fees, retroactive interest rate hikes, and complex and arbitrary agreements.
Most of the Act’s provisions went into effect on February 22, 2010 – 9 months after the bill’s enactment (with a couple having gone into effect even earlier – on August 20, 2009). However, on August 22, two additional credit card protections took effect:
- Requiring penalty fees for such things as late payments to be reasonable and proportional;
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Requiring credit card companies, if they raise your interest rate, to re-evaluate that rate increase every 6 months and, if appropriate, reduce that rate within 45 days after completing the evaluation.
National Veterans Wheelchair Games Volunteers and Staff Honored
Ed with Wheelchair Games Volunteers & Staff.
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I want to take this opportunity to thank the veteran athletes and the talented staff and volunteers who made the 2010 National Veterans Wheelchair Games a success. Last week I had the privilege of presenting Congressional Recognition Awards to the staff and volunteers who donated their time and talents for this inspirational event. The Games took place in venues all over the Denver metro region and were a showcase for the veteran athletes who sacrificed for this nation. In addition to the competition and camaraderie, this event helped give Colorado an economic boost.
CD 7 Teaching Jobs Saved!
Earlier this month I voted in support of the Education Jobs and Medicaid Assistance Act which would save and create almost 320,000 jobs nationwide – including saving the jobs of approximately 2,600 teachers in Colorado and preventing the layoffs of tens of thousands of police officers, fire fighters, and nurses.
This bill is completely paid for, and it reduces the deficit by $1.4 billion over 10 years - by closing a loophole that encouraged corporations to ship American jobs overseas. I will not allow teachers and fire fighters to get pink slips while tax-avoiding multinational corporations outsource American jobs. This bill is a win-win-win: it keeps teachers and first responders on the job, it is fiscally responsible by actually reducing the deficit, and it does that by closing a tax loophole that promotes shipping jobs overseas.
Congressman Ed Perlmutter |
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Washington DC Office
415 Cannon House Office Building
Washington, DC 20515
Phone: 202.225.2645
Fax: 202.225.5278 |
District Office
12600 West Colfax Avenue, Suite B-400
Lakewood, CO 80215
Phone: 303.274.7944
Fax: 303.274.6455 |
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