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Cracking Down on the Credit Card Companies

April 22, 2009 - by Donny Shaw

Congress is switching gears a bit, turning their attention from hearings on the financial crisis to markups on legislation that would protect consumers against credit card companies. The House Financial Services Committee today approved a bill, the Credit Cardholders' Bill of Rights, that seeks to restrict interest rate hikes, penalties and fees. The vote was 48-19, with 9 of the 29 Republicans in the Committee voting in favor. All Democrats supported the bill. Click through for a full summary.

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Congress Going Easy on Payday Loan Dealers

April 8, 2009 - by Donny Shaw

In light of our current debt-fueled economic crisis, Congress is looking at reforming one of the most predatory forms of lending -- payday loans. But according to a range of consumer, community and civil rights groups the leading bill in Congress to deal with the issue, the Payday Loan Reform Act of 2009, would actually protect the "predatory payday loan business model and will stall or stop the significant progress that has been made at the state level to curb usurious lending."

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