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  • STUDENT LOANS
  • OVERDRAFT FEES
  • CREDIT CARD FEES
Winning Issue » CREDIT CARD FEES


Credit card operations are usually the most profitable business of a bank. About 30% of all profits earned by credit card lenders were from cardholder fees. Most large banks have raised late fees and over-the-credit-limit fees to at least $35. Many lenders increase their interest rate if a cardholder pays late or exceeds their credit limit. Advocates say the amount of interest and fees are so high that many consumers are unable to significantly reduce their principle balance. In 2016, credit card fee and interest income topped $163 billion, and this amount is increasing about 6% per year.

Industry supporters claim high profit margins are needed to offset the large number of consumer bankruptcies. Opponents claim record industry-wide profit levels and fee increases can only be explained by uncompetitive practices and consumer price gouging.

Pending Legislation: S.2349 - Protecting Consumers from Unreasonable Credit Rates Act of 2021
Sponsor: Sen. Richard Durbin (IL)
Status: Senate Committee on Banking, Housing, and Urban Affairs
Chair: Sen. Sherrod Brown (OH)



Options


  • I oppose reforming current credit card fee policy and wish to donate resources to the campaign committee of Leader Charles Schumer (NY).
  • I support prohibiting a creditor from extending credit to a consumer under a credit card plan for which the fee and interest rate exceeds 36%; requiring credit card billing statements to include the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate, and wish to donate resources to the campaign committee of Sen. Sherrod Brown (OH) and/or to an advocate group currently working with this issue.


Winning Option
  • I support prohibiting a creditor from extending credit to a consumer under a credit card plan for which the fee and interest rate exceeds 36%; requiring credit card billing statements to include the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate, and wish to donate resources to the campaign committee of Sen. Sherrod Brown (OH) and/or to an advocate group currently working with this issue.
There has been $0.00 pledged in support of this issue
Trustee Candidates

If elected as a trustee, the campaign committee of Rep. Don Young (AK), will be unconditionally awarded the funds pledged to this issue along with a letter requesting him to favorably consider either reintroducing H.R.774 - Illegal, Unreported, and Unregulated Fishing Enforcement Act of 2015 (114th Congress 2015-2016), or a similar version thereof.

If elected as a trustee, the campaign committee of Sen. Sherrod Brown (OH) will be unconditionally awarded the funds pledged to this issue along with a letter requesting him to favorably consider passing S.2349 - Protecting Consumers from Unreasonable Credit Rates Act of 2021.

If elected as a trustee, World Wide Fund for Nature will be awarded the funds pledged to this issue along with a letter requesting these funds be used to protect dolphin species.

World Wide Fund for Nature For nearly 60 years, WWF has worked to help people and nature thrive. As the world’s leading conservation organization, WWF works in nearly 100 countries. At every level, we collaborate with people around the world to develop and deliver innovative solutions that protect communities, wildlife, and the places in which they live.

If elected as a trustee, Consumers Reports will be awarded the funds pledged to this issue along with a letter requesting these funds be used to reduce consumer credit card fees.

Consumer Reports is an independent, nonprofit member organization that works side by side with consumers for truth, transparency, and fairness in the marketplace. Consumer Reports works to create a fair and just marketplace for all. As a mission-driven, independent, nonprofit member organization, CR empowers and informs consumers, incentivizes corporations to act responsibly, and helps policymakers prioritize the rights and interests of consumers in order to shape a truly consumer-driven marketplace.
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Trustee Election - Opening Date
July 4, 2022
Trustee Election - Closing Date
July 11, 2022