by Terry Gresham
What happened to HOPE? What has Obama done? Where has he been the last couple of years? How is a nation to survive? Where is this guy taking America? Is there anything that this President has contributed to the great institution called America? Are average citizens safe in this country? How are we to get good leadership these days? Is Obama out to make me look bad? What? What? What? Why? Why? Why?
These questions and more will be discussed in an Okieprogressive segment called: Talking the President’s Progressive Achievements.
Segment 2: President Obama Signed Landmark Wall Street Reforms into Law
(If you missed Segment #1 go here: Talking the President’s Progressive Achievements #1 The Dodd-Frank Act. )
Here’s another one for ya. President Obama signed the Credit Card Act into law, protecting consumers from excessive credit card fees. The CARD Act was implemented on Feb. 22, 2010
“U.S. Rep. Carolyn Maloney joined several other members of Congress in New York City in welcoming the arrival of the new credit card law protections.
“This is a great day for anyone with a credit card in their wallet,” Maloney said in a statement. “Most of the Credit CARD Act kicks in today — halting many of the worst abuses by the credit card industry. No longer will card companies be able to increase interest rates on existing balances, and that alone is a huge victory that will save Americans billions each year.” – Connie Prater of Creditcards.com
If what I am reading is correct, what U.S. Rep. Carolyn Maloney is saying is, “No longer will card companies be able to increase interest rates on existing balances, and that alone is a huge victory that will save Americans billions each year.” I like the word “billions.” Has a nice ring to it.
Here are two items of H. R. 627 that I particuarly like.
‘(1) ADVANCE NOTICE OF INCREASE IN INTEREST RATE REQUIRED- In the case of any credit card account under an open end consumer credit plan, a creditor shall provide a written notice of an increase in an annual percentage rate (except in the case of an increase described in paragraph (1), (2), or (3) of section 171(b)) not later than 45 days prior to the effective date of the increase.
‘(3) NOTICE OF RIGHT TO CANCEL- Each notice required by paragraph (1) or (2) shall be made in a clear and conspicuous manner, and shall contain a brief statement of the right of the obligor to cancel the account pursuant to rules established by the Board before the effective date of the subject rate increase or other change.
So if my rates goes up, they must notify. And when they notify I sure as hell will immediately cancel. We had an agreement. Go to HelpWithMyBank.gov, if you are having trouble with a credit card company’s tricky business practices.
Austan Goolsbee of the President’s Council of Economic Advisers answers questions about credit card reform submitted live and in advance through CreditCards.com
Hey, here’s this help ink again. Go to HelpWithMyBank.gov, if you are having trouble with a credit card company’s tricky business practices.
Statement from the President on Credit Card Bill Implementation, released February 22, 2010
“…The new rules taking effect today mean that credit card companies can no longer retroactively increase rates or increase rates in the first year you open an account, charge misleading late fees or use over-limit fee traps. They’re now required to send ample notification if they plan to make changes to the terms of your card and they must employ clear, simple standard payment dates and times. There are new protections for underage consumers, restrictions on double billing and caps on high-fee cards. The new rules are an unprecedented step in my administration’s ongoing efforts to strengthen consumer protections and enact meaningful financial reform…” – The White House
Read more @ The impact of the CARD Act of 2009,
Traps? I don’t like ’em. But this also makes me mad as hell. I don’t know about anybody else but in the last couple of years here in Oklahoma, I haven’t done for my country anything matching this leveling the playing field for consumers.
Damn that Obama! Curses! In comparison, I ain’t done squat.
Well, that concludes this installment of …
Talking the President’s Progressive Achievements.
Tune in next time to take a look at President Obama’s:
- Consumer Financial Protection Bureau
- Ending U.S. combat operations in Iraq
- Repaired relations with allies
- Results on Environmental Policy
- Leveling the playing field for workers
- Landmark Wall Street reforms
- Innovation and reform in public education
- LGBT Equality
- Equality for women
- Fighting for working families
- Health insurance for 32 million
- Cutting health costs for small business
- Regulating big tobacco
- Ending Bush torture policies
- Nuclear arms reduction
- Ordering closure of CIA detention facilities
- Getting a seat on UN Civil Rights Council
- Doubling fuel efficiency standards
- Cut costs for small businesses
- and more
Talking the President’s Progressive Achievements #1 Wall Street Reform
Talking the President’s Progressive Achievements #3 Wall Street Reform
Talking the President’s Progressive Achievements #4 Women’s Equaity