Brown, Cordray back legislation against credit card companies
September 11, 2008
Source: Mansfield News Journal
WASHINGTON, D.C. -- U.S. Sen. Sherrod Brown, D-Ohio, and Ohio Treasurer Richard Cordray announced their support Wednesday for federal legislation that protects Ohio consumers from abusive practices used by credit card companies.
"Credit card terms should not be buried in the fine print or cloaked in legal jargon," Brown said. "Too many Ohioans have been hit in the wallet by arbitrary interest rate increases and outrageous penalty fees. It's time we demand real accountability from credit card companies and stop dodgy marketing and disclosure practices."
The Credit Card Accountability, Responsibility and Disclosure Act, introduced by banking committee chairman Sen. Christopher Dodd of Connecticut, is meant to increase transparency in the credit card industry by requiring enhanced disclosure of contract terms while improving billing and marketing practices.
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