Credit Card Reforms; Senate Voting Today

From Americans For Fairness in Lending; The Senate is scheduled to vote today on H.R. 627, which passed the House on April 30.  The bill will be amended according to an agreement reached between Senators Dodd and Shelby, who are the Chair and Ranking Member of the Banking Committee respectively.  The amendment (#1058) will change H.R. 627 substantially, making it more like S. 414, Dodd's Credit CARD Act.  Click here for a comparison of the House and Senate versions.

If you haven't yet contacted your Senators -now is the time.

There have been a variety of amendments proposed to alter this bill -including a proposal to cap interest rates at 15% -that went down in flames. 

 AFFIL and their Partners are supporting Senator Durbin's S. 500 which would cap rates at 36% across the nation. 

Isn't 36% enough? It's time credit card companies to play fair and do their part to help our economic recovery.