Perhaps the biggest advocates of banking reform and consumer credit cards rights today is Rep. Carolyn Maloney (D) of New York. It wasn’t too long ago – the 90′s – when banks didn’t even have to disclose to you if their ATM was charging you to use it. In ’99 she created the law that requires all ATMs to warn if you if they are going to charge you fees. But it’s not just debit card protection Maloney has been fighting for during her career. She has been working dilegently for years to pass a credit card bill of rights.

As many of you know the Fed passed their own credit card bill of rights but unfortunately it doesn’t take effect until July 2010. However if Maloney has her way, a bill will be passed for those reforms to go into effect sooner (we’ll keep you posted on the latest developments on this).  Meanwhile, even if she is not your representative, you may want to let her know you support her efforts.

However, many on Credit Card Forum are questioning whether or not this reform by congress will even go into effect before the Fed’s credit card bill of rights kick in. (here’s the discussion – What’s the point of this house bill on credit cards?!)

Written April 2009