“This announcement by the banking regulators is a strong affirmation of the need to move promptly forward to pass the Credit Cardholders’ Bill of Rights.  The OTS clearly agrees on the urgent need for the reforms provided in my bill.  According to the OTS, the Federal Reserve and the NCUA also plan to use their authority to stop unfair and deceptive credit card practices to implement many of the same reforms called for in my bill.  But just as we didn’t wait for the regulators to deal with subprime mortgage reform, we shouldn’t wait for them to deal with the pressing issues on credit cards.  By the time they get around to finalizing these rules, they will be watered down and come too little too late to help struggling consumers.” 

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