[Congressional Record Volume 165, Number 86 (Wednesday, May 22, 2019)]
[House]
[Page H4074]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          RECOGNIZING THE 10-YEAR ANNIVERSARY OF THE CARD ACT

  (Mrs. CAROLYN B. MALONEY of New York asked and was given permission 
to address the House for 1 minute and to revise and extend her 
remarks.)
  Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, 10 years ago today 
in the midst of the Great Recession, millions of credit card holders 
got some needed relief when President Obama signed into law the Credit 
Card Accountability, Responsibility, and Disclosure Act, the CARD Act.
  Before the CARD Act, some banks took advantage of their customers. 
For example, they raised rates and changed the terms of contracts 
without any notice to the customer. They even raised rates 
retroactively on existing balances.
  The CARD Act changed that, barring many unfair and deceptive 
practices: no more retroactive rate hikes, no more extra fees for 
paying bills online or on the phone, no more aggressive marketing 
tactics targeting young people.
  The CARD Act has saved consumers an estimated $12 billion a year, 
which translates into well over $100 billion in total savings over the 
past decade. It is the first 10 years, and we are celebrating this 
consumer protection act.

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