{"id":12813,"date":"2008-09-23T11:10:49","date_gmt":"2008-09-23T18:10:49","guid":{"rendered":"http:\/\/hill-kleerup.org\/blog\/wp\/2008\/09\/23\/credit-cardholders-bill-of-rights.html"},"modified":"2008-09-23T11:10:49","modified_gmt":"2008-09-23T18:10:49","slug":"credit_cardholders_bill_o","status":"publish","type":"post","link":"https:\/\/hill-kleerup.org\/blog\/2008\/09\/23\/credit_cardholders_bill_o.html","title":{"rendered":"Credit Cardholders Bill of Rights"},"content":{"rendered":"
\"\" <\/div>\n

Amidst the bigger economic news on Wall St. and Washington this week, the efforts from the House to put in a “Credit Cardholders Bill of Rights” has gotten minimal attention — except, of course, from the White House, where if it says “Bill of Rights” it’s gotta be a pro-terrorist plot<\/a>.<\/p>\n

The White House said on Monday it opposes legislation called “the Credit Cardholders’ Bill of Rights” that would curb unfair and deceptive credit card practices, saying it would constrain banks’ ability to price risk.<\/p><\/blockquote>\n

Because, of course, banks have shown such a great ability to price risk to date. And because, of course, credit card costs are already so artificially low.<\/p>\n<\/p>\n

<\/span> <\/p>\n

The White House said in a statement the bill would lead to less access to credit and higher interest rates for consumers.<\/p><\/blockquote>\n

Well, arguably reducing the credit extended to consumers isn’t all that bad an idea, given the amount of credit that has been over-extended to consumers that can’t pay for it.<\/p>\n

“For the credit market to operate efficiently, creditors must have the flexibility to react to changes in customer risk and market conditions,” the White House said.<\/p><\/blockquote>\n

By asking for a bail-out.<\/p>\n

The provision “would restrict when lenders may change terms of the credit agreement, significantly constraining the ability of financial institutions to adapt to changing credit risks and market conditions,” the White House said.<\/p><\/blockquote>\n

… and to sneak in extra language guaranteed to improve their revenue streams.<\/p>\n

\n

The legislation is in the House of Representatives. The full House is expected to pass the bill, but similar legislation is not expected to progress in the Senate due to preoccupation with the financial crisis and U.S. presidential election.<\/p>\n

The bill, chiefly sponsored by New York Democrat Carolyn Maloney, is similar to proposed regulations the Federal Reserve is reviewing and expected to finalize later this year.<\/p>\n<\/blockquote>\n

But we can’t allow a Democrat get credit for it.<\/p>\n

Banks, reeling from the collapse of the U.S. housing and subprime mortgage markets and subsequent credit crisis<\/a>, oppose the bill, which could limit their credit card revenue.<\/p><\/blockquote>\n

That this remains their soul reliable source of income indicate to me that it’s probably being exploited by them.<\/p>\n

The bill would end double-cycle billing, in which card companies reach back to prior billing cycles to help calculate the interest charged in the current cycle.<\/p><\/blockquote>\n

But — but — that will restrict their ability to unexpectedly overcharge!<\/p>\n

\n

It also seeks to give cardholders more time to pay by forcing card companies to mail bills 25 days before the due date instead of the current 14 days.<\/p>\n<\/blockquote>\n

Note that the banks almost certainly have “Net 30” agreements with their business partners.<\/p>\n

The White House said it was concerned about unfair and deceptive practices and supports efforts to protect consumers, …<\/p><\/blockquote>\n

Of course they are.<\/p>\n

\n

… but added that regulations are better suited to address the issues instead of legislation.<\/p>\n<\/blockquote>\n

“Because we control the regulations, and can change them whenever we want. Nyah!”<\/p>\n","protected":false},"excerpt":{"rendered":"

Amidst the bigger economic news on Wall St. and Washington this week, the efforts from the House to put in a “Credit Cardholders Bill of Rights” has gotten minimal…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[35,9],"tags":[],"class_list":["post-12813","post","type-post","status-publish","format-standard","hentry","category-big-business","category-politics-law"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7953,"url":"https:\/\/hill-kleerup.org\/blog\/2005\/07\/13\/check_please.html","url_meta":{"origin":12813,"position":0},"title":"Check, please?","author":"***Dave","date":"Wed 13-Jul-05 12:40pm","format":false,"excerpt":"A fun list of waiter rants. Though the tone is nasty at times, there's not much here I can disagree with. 6. Let your server know the check is ready....","rel":"","context":"In "Food & Drink"","block_context":{"text":"Food & Drink","link":"https:\/\/hill-kleerup.org\/blog\/category\/food-drink"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15490,"url":"https:\/\/hill-kleerup.org\/blog\/2009\/08\/03\/lack-of-credit-where-credit-is-due.html","url_meta":{"origin":12813,"position":1},"title":"Lack of credit where credit is due","author":"***Dave","date":"Mon 3-Aug-09 3:26pm","format":false,"excerpt":"So at lunch I handed my main credit card over to the gal. She ran it and, \"Uh-oh, it came back declined.\" Tried it again, with the same result, so I used another card.\u00a0 Odd, but ... Back at the office, I checked the card at the company site. It\u2026","rel":"","context":"In "Big Business"","block_context":{"text":"Big Business","link":"https:\/\/hill-kleerup.org\/blog\/category\/big-business"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15847,"url":"https:\/\/hill-kleerup.org\/blog\/2009\/09\/20\/welcome-the-history-of-us-civil-rights-revised.html","url_meta":{"origin":12813,"position":2},"title":"Welcome the History of US Civil Rights (Revised)","author":"***Dave","date":"Sun 20-Sep-09 9:45pm","format":false,"excerpt":"I'm not sure which of the flaming idjits in the Texas Board of Education is speaking in these videos, but his contribution to that board's effort's to rewrite Texas (and, through its buying clout, the rest of the nation's) textbooks coverage of American History is ... well, it would be\u2026","rel":"","context":"In "Politics & Law"","block_context":{"text":"Politics & Law","link":"https:\/\/hill-kleerup.org\/blog\/category\/politics-law"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13199,"url":"https:\/\/hill-kleerup.org\/blog\/2008\/06\/25\/potpourri_mid_week.html","url_meta":{"origin":12813,"position":3},"title":"Potpourri mid-week","author":"***Dave","date":"Wed 25-Jun-08 1:04pm","format":false,"excerpt":"5 No BS Ways To Get Your Credit Score For Free [Equifax] Useful information for all. WND Up in Arms Over Law They Haven't Read The Colorado Pervert Bathroom...","rel":"","context":"In "Hi-Tech"","block_context":{"text":"Hi-Tech","link":"https:\/\/hill-kleerup.org\/blog\/category\/hi-tech"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":130886,"url":"https:\/\/hill-kleerup.org\/blog\/2016\/06\/16\/home-depot-sues-over-chip-without-pin-card-restrictions.html","url_meta":{"origin":12813,"position":4},"title":"Home Depot sues over Chip-without-PIN card restrictions","author":"***Dave","date":"Thu 16-Jun-16 3:56pm","format":false,"excerpt":"Home Depot has filed a law suit arguing that MasterCard and Visa have \"colluded\" to prevent use of PIN numbers on credit card transactions in the US. It says that the less-secure lack of PINs reaps more transaction fees for the credit card companies, and contractual terms that both card\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":136142,"url":"https:\/\/hill-kleerup.org\/blog\/2018\/04\/21\/credit-card-companies-are-dropping-signature-requirements.html","url_meta":{"origin":12813,"position":5},"title":"Credit card companies are dropping signature requirements","author":"***Dave","date":"Sat 21-Apr-18 11:37pm","format":false,"excerpt":"That's all very interesting ... but does that mean that basic physical possession of a credit card equates to being able to effectivley use it? Well, yeah, I guess. That's actually the rule now, given that most (live) merchants don't actually pay much attention to signatures. If the banks \/\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/hill-kleerup.org\/blog\/wp\/wp-content\/uploads\/2018\/04\/signature.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts\/12813","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/comments?post=12813"}],"version-history":[{"count":0,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts\/12813\/revisions"}],"wp:attachment":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/media?parent=12813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/categories?post=12813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/tags?post=12813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}