Credit Cards and legal rights
Jeanwah
Posts: 6,363
Congressman Kucinich Saves Legal Rights of Consumers
Thursday, 17 December 2009
(December 17, 2009) Congressman Kucinich has announced the initiation of credit cards that do not imposed mandatory arbitration. In a statement released today, Congressman Kucinich stated:
"This holiday shopping season, consumers have the choice of using credit cards that don't take away their legal rights. Until now, all major banks have required their customers - through provisions hidden in the fine print of credit card agreements - to give up their constitutional right to their day in court. Those agreements have required customers to settle their disputes through a process called arbitration. In July, the House Domestic Policy Subcommittee, of which I am the Chairman, held a hearing in which we showed that mandatory arbitration is arbitrary, and that results depend more on the arbitrator to whom the case is assigned than on the facts or the law that applies.
"Since that hearing, my staff has been communicating with all the major banks, and today I can announce that six of those banks will not have arbitration clauses in their new credit card agreements. Those banks are JPMorganChase, CapitalOne, PNC Bank, TD Bank, Bank of America and Regions Bank. I want to congratulate those banks for their decisions.
"I particularly want to congratulate JPMorganChase and CapitalOne. Those two banks will be issuing new credit card agreements that also allow their customers the right to a jury trial and the right to participate in a class action. I strongly encourage the other banks to follow their lead.
"For the first time in years, you can choose what credit card to use by considering all its terms - interest rate, minimum payment, fees, rewards, and whether it requires you to give up your right to use the courts that our state and federal Constitutions have created for you."
Thursday, 17 December 2009
(December 17, 2009) Congressman Kucinich has announced the initiation of credit cards that do not imposed mandatory arbitration. In a statement released today, Congressman Kucinich stated:
"This holiday shopping season, consumers have the choice of using credit cards that don't take away their legal rights. Until now, all major banks have required their customers - through provisions hidden in the fine print of credit card agreements - to give up their constitutional right to their day in court. Those agreements have required customers to settle their disputes through a process called arbitration. In July, the House Domestic Policy Subcommittee, of which I am the Chairman, held a hearing in which we showed that mandatory arbitration is arbitrary, and that results depend more on the arbitrator to whom the case is assigned than on the facts or the law that applies.
"Since that hearing, my staff has been communicating with all the major banks, and today I can announce that six of those banks will not have arbitration clauses in their new credit card agreements. Those banks are JPMorganChase, CapitalOne, PNC Bank, TD Bank, Bank of America and Regions Bank. I want to congratulate those banks for their decisions.
"I particularly want to congratulate JPMorganChase and CapitalOne. Those two banks will be issuing new credit card agreements that also allow their customers the right to a jury trial and the right to participate in a class action. I strongly encourage the other banks to follow their lead.
"For the first time in years, you can choose what credit card to use by considering all its terms - interest rate, minimum payment, fees, rewards, and whether it requires you to give up your right to use the courts that our state and federal Constitutions have created for you."
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Comments
at least SOMEBODY in D.C. is still fighting for the people...
yesterday i saw an article for a credit card with these terms:
$500 limit
$250 annual fee
$256 a month in fees if there is any balance on it
and 79% interest
in the articleit was called the worst credit card ever.
who in their right mind would take that deal??
"Well, you tell him that I don't talk to suckas."
what is to hold the banks accountable without a law?
If someone is stupid enough to obtain a card with very bad terms, that is their own problem.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
yeah of course its all their fault.....some people have no choice.
there should be laws like the reform act that was passed a few months ago. banks should not have the right to change terms without warning or reason and screw the consumer. in a perfect world, the banks could be trusted to deal fairly with people the government would not have to get involved. but when we live in a "predatory capitalistic" society there is no way in hell banks could be trusted to do the right thing....they have million dollar bonuses to give away and need to make that money somehow....
"Well, you tell him that I don't talk to suckas."