Maloney Receives Philip Hart Public Service Award
Congressmember Carolyn B. Maloney (D-NY) received the Philip Hart Public Service Award on June 26 from the Consumer Federation of America at their 43rd Annual Awards Dinner at the Capital Hilton in honor of her work on consumer banking issues, including the Credit CARD Act (introduced as the Credit Cardholders’ Bill of Rights).
“I am so honored and grateful to receive this prestigious award from the Consumer Federation of America,” Maloney said. “Passing the Credit CARD Act, which saves consumers $10 billion a year, is one of my proudest achievements in Congress and it could never have happened without the support of the Consumer Federation of America and other consumer organizations. The way we worked together on it is a perfect model for the way representational government really should work and I look forward to continuing our efforts to protect consumers.”
Rachel Weintraub, legislative director and senior counsel for Consumer Federation of America said, “For more than two decades, Representative Maloney has worked in Congress to improve protections for consumers of financial services. Importantly, as a leader of the House Financial Services Committee, she introduced and championed the Credit CARD Act, which provided much needed disclosures and protections for credit card users. Due to her consumer protection leadership and work, Consumer Federation of America is pleased to honor her with the Philip Hart Public Service Award which is awarded to outstanding public servants who have made significant contributions by improving the marketplace, eliminating fraud, promoting consumer health and safety and providing consumer information.”
The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act provided critical protections for credit card holders, and has resulted in considerable benefits for consumers. The Credit CARD Act banned unfair rate increases, mandated clear disclosure of account terms, and ensured that issuers who violate the law are held accountable. According to the Consumer Financial Protection Bureau, the CARD Act has dramatically curtailed interest rate hikes on existing credit card accounts, substantially reduced late fees, and virtually eliminated over-limit fees.