Washington, DC – Congresswoman Carolyn Maloney (D-NY), Chair of the House Subcommittee on Financial Institutions and Consumer Credit, applauded the Federal Reserve and its Chairman, Ben Bernanke, for introducing a new proposed rule today on credit card disclosure requirements.  Among other things, the new rule would require credit card customers to receive, both on the actual opening of the account and with any change-in-terms notices, the same simple disclosures of rates and fees that they get in credit-card solicitations. Also, the proposal calls for an additional 30 days of advance notice to customers of any changes in interest rates or other key terms.   

"Right now, credit card disclosures are so complicated even an army of MBAs can’t understand them,” said Rep. Maloney.  “While the rulemaking process is not yet complete, I am glad to see that the Fed has reached the next stage on this important new regulation.  Pretty much everyone, from consumers to lawmakers to regulators, feels that we need a new rule to radically reform the current abysmal state of credit card disclosures.  I look forward to reviewing the Fed's proposal in detail with federal and state regulators, as well as card issuers, consumer advocates, and others at my subcommittee hearing on June 7th."  

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