“Confusing, misleading and in some cases predatory practices have become the standard operating procedure for many in the credit card industry.  As a result, American consumers – the bread and butter of our economy – are increasingly finding themselves buried under an avalanche of debt.  These rules will crack down on some of these practices, and I applaud the Fed for taking action.  But more must be done to protect consumers, which is why I plan to re-introduce the Credit Card Accountability, Responsibility and Disclosure Act when the Congress reconvenes.  This comprehensive legislation bans a number of practices that the Fed rules do not, including ‘any time any reason’ rate increases, universal default, excessive and unreasonable fees, and marketing targeted to young consumers.  I hope my colleagues will support this legislation so that we can put an end to these unacceptable practices once and for all.”

 

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