NADER
CALLS FOR BILL OF RIGHTS FOR CREDIT CARD CUSTOMERS
By Nader 2000 Primary Committee
Washington, D.C.
June 30, 2000
WASHINGTON,
D.C., June 30‹Ralph Nader today called on federal bank regulators
and the Federal Trade Commission to come up with a "credit card
bill of rights" for consumers.
Noting
that Providian Financial Corporation of San Francisco, a major credit
card issuer, had entered into a settlement agreement with regulators
involving fines and restitution of more than $300 million, Nader
said the agreement should not obscure the need for the regulators
to broaden their investigation into other companies in the credit
card industry.
"A
single agreement with one company will not cure the ills of the
credit card industry," Nader said.
Nader
said there was an overriding need for the regulators to establish
industry-wide criteria for fairness, accuracy and completeness in
solicitations for credit card customers. Nader, the Green Party
candidate for President, urged George W. Bush and Albert Gore to
join him in the effort to improve regulation of the credit card
industry.
"Consumers
nationwide are being bombarded with credit card solicitations promising
introductory low interest rates and fees which overnight turn into
cards bearing usurious rates and growing fees and hidden charges
for unwanted and unneeded services," Nader said. "Regulators should
track, publicize and force correction of these 'come-on' practices."
"The
Office of the Comptroller of the Currency and other financial regulators
along with FTC should establish a 'credit card bill of rights' that
would spell out consumer protections, identify unfair and deceptive
marketing practices and require ongoing disclosures of companies
that engage in these practices," Nader said. "In addition, the regulators
should publish by company the rates, fees, billing and related practices
that would allow consumers to comparative shop for the best credit
card."
Nader
said the data should be updated and available on a quarterly basis
to the public for companies in each of the 50 largest markets in
the United States. In addition, Nader said, the companies should
be required to include the compilation of the comparative data in
all solicitations of credit card customers.
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YEAR'S RACE INTO AN OPEN DEBATE ON CORPORATE CONTROL OF OUR DEMOCRACY
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P.O. Box 18002, Washington, D.C. 20036
