HR 627

To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes.

Sponsor: Carolyn B. Maloney (D) NY

Status: Passed

Govit Voted Yes 96%

Gov Voted Yes 84%

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Shera55

Posted 212 days ago.

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Dear Congresswoman Maloney,

I have been following your attempts to coral the big banks relative to consumers and the bank's success at gouging consumers using credit cards, particularly in these hard times. I applaude what you have managed to accomplish so far.

However, iif HR-627 were to pass and become law tomorrow it will do little to alter what is to take effect in June of this year. Since the passage of the first of these attempts in January 2009, and the effective date taking place in June, many consumers are finding themselves in my position. The large bank which we have bailed out, and has issued a credit cards to individuals as myself plan to gouge their customers just a bit more by implementing interest rate increases.

This tactic, is one step they are planning to bypass any losses they might incurr by losing their ability to apply payments to the lower interest bearing balances rather than evenly spreading out a customer's payment between diff REPLY

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