Senate vote means credit card regulation a reality
In an act of surprising solidarity, the Senate passed the Credit CARD Act, a sweeping bill that drastically will change the credit card industry and guarantee that consumers are treated more fairly. With such widespread support in the House and the Senate, regulatory legislation could be on the president’s desk in a few days.
I received the news this morning from the news. More specifically, a Pulitzer Prize-winning journalist called me to get my thoughts on the legislation and its significance. It was a pleasant surprise.
During our brief conversation, I mentioned that I fully support the bill, but as with any regulatory legislation, we must take into consideration the unintended consequences. While this is a tremendous net gain for all consumers, some consumers will lose. In other words, banks will likely penalize good customers now by charging more or higher annual fees, cutting reward programs, and implementing similar changes.
I also shared that more must be done to address some of the most egregious practices by companies such as basing a customer’s creditworthiness on where he or she shops. While an amendment in the Credit Cardholders' Bill of Rights will require a study of such discrimination, I don’t believe we need to study it to outlaw it. Some things are just wrong.
In general, I am pleased that this legislation is on the path to becoming law. It has been a long time coming, and it gives me motivation to carry out the work that remains to be done.
Greetings! I’m Kevin D. Johnson, a business owner who has recently assumed the role of consumer advocate and internet activist. Atlanta, Georgia is my home.
Upon returning from my wonderful honeymoon in Jamaica in October 2008, I received what I thought was an ordinary American Express bill, but to my surprise it was a disappointing letter informing me that my credit line was reduced by about 65% for a highly suspicious and discriminatory reason. Considering my excellent credit score and pristine payment history, it just didn’t make sense. However, what does make sense are the unfair and insidious policies that I have uncovered when asking why. It is time to change them.
I created this web site to document and share my challenging journey to change what is wrong, unfair, and unjust in the credit card industry. The ultimate goal of this web site is to inform consumers of ways to stand up for themselves against treacherous business practices and to educate consumers about how to improve their credit. Finally, I hope to encourage a more open dialogue with credit card companies about their policies–good and bad.
I am proud to say that this blog's unyielding demand for change led to an important 
In general, I'm pleased by this legislation. As one of the so-called "deadbeat" credit card users who has always paid her bills in full every month, I'll be waiting watchfully to see what happens.
I've never been attracted to any of the rewards programs out there but have primarily used credit cards as a convenience & necessity (e.g., rental cars). If they start doing things like taking away the grace periods or imposing fees for card memberships or penalties for paying bills in full, I'll be cutting up all offenders' cards. They'd better think through very carefully whether or not they want to piss off people like me.
Posted by: SC | May 20, 2009 at 10:02 AM