Banking, Credit Card, and Bankruptcy Reform..

Submitted by Bill Crosier on February 8, 2006 - 10:33pm. ::

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WHEREAS, The current banking, credit card and bankruptcy regulations were dictated to our Congress by the lobbyists for those interests; and

WHEREAS, The consumers, whose needs are supposed to be the concern of our servants in the Congress, are suffering greatly as a result of said regulations; and

WHEREAS, The small businesses are also being adversely affected by these laws; and

WHEREAS, The banking and credit card industries are thriving at the expense of consumers; and

WHEREAS, In this speedy technological era, there is no need to allow banks to hold funds for more than two days; and

WHEREAS, Many conscientious people are being forced into bankruptcy due to situations beyond their control, such as lack of insurance coverage medical expenses; therefore, be it

RESOLVED, That the Congress enact legislation to achieve the following results:
* Reduce the penalties banks can charge for "insufficient funds" checks
* Reduce the number of days banks can hold funds to 2 days
* Reduce the maximum amount of interest credit card companies can charge to 12% or lower
* Disallow a person's failure to make one payment in a timely manner to affect other credit accounts
* Change the bankruptcy laws so they are more lenient on the consumer
* Remove the requirement wherein persons seeking bankruptcy relief have to pay for costly and unnecessary counseling sessions
* Remove credit card debt from the "non-dischargeable debt" category in regard to bankruptcy.

Draft by Cathy Tarte and Bobby Caldwell - Feb. 2006
Updated by Cheryl Crosier - Feb. 26, 2008

Bankruptcy_Credit_Reform08.pdf47.32 KB