Title
To urge the National Credit Union Administration, the Federal Reserve Board and the Office of Thrift Supervision to adopt the reforms proposed for the Federal Trade Commission Act, Truth in Savings Act, and Truth in Lending Act to protect consumers from unfair and abusive practices by the credit card industry.
Body
WHEREAS, many responsible consumers are being harmed by a growing number of fees, penalties, and interest charges attached to bill payments and credit card debts; and
WHEREAS, the home foreclosure crisis serves as a daily reminder of the need for responsible federal regulation to protect citizens from unfair or predatory business practices; and
WHEREAS, the proposal from the National Credit Union Administration, the Federal Reserve Board and the office of Thrift Supervision will help consumers in our community avoid excess fees and unfair charges that put their personal financial stability in jeopardy; and
WHEREAS, the proposed regulations will put an end to business practices that only serve to increase the amount of interest and fees that are owed and trap more consumers in a cycle of debt; and
WHEREAS, the proposal regulations will help to provide responsible consumers with greater peace of mind that the terms they agreed to when they opened their credit card accounts will not be changed unexpectedly or without their knowledge; and
WHEREAS, through the adoption of these principals, the National Credit Union Administration, the Federal Reserve Board and the office of Thrift Supervision will help to protect our community's quality of life by preventing financial hardship and lessening the demands on our local social-service providers for help; and
WHEREAS, this resolution constitutes an emergency measure for the immediate preservation of public peace, property, health, or safety; now, therefore,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. This council urges the National Credit Union Admi...
Click here for full text