I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
The credit cardholder’s bill of rights, H.R. 627, passed the House today on a vote of 357-70. All three members of New Mexico’s delegation voted with the majority to pass the bill.
Supporters of the bill say it would help consumers by protecting them from hidden fees and interest rate hikes. Opponents of the bill, including banks, say it would make it more difficult and expensive for consumers to get a credit card.
Congressman Harry Teague had an amendment included in the bill which would restrict credit card issuers from making adverse reports to credit ratings agencies regarding deployed military service members and disabled veterans during the first two years of their disability.
Teague said that his amendment had “three principal attributes” while speaking in favor of his amendment on the House floor. “It’s common-sense. It does what’s right. And it helps out our nation’s veterans.”
“When veterans return home, they should do so with the confidence that their credit history allows them to open a business and buy that house and truck,” Teague said while on the House floor. “If they were late on some payments while serving their country or recovering from a severe injury, that shouldn’t prevent them from pursuing the American dream.”
“By leveling the playing field between credit card companies and consumers, the Credit Cardholder’s Bill of Rights Act strengthens the consumer marketplace which is based on our nation’s fundamental sense of fairness and honesty,” Congressman Martin Heinrich said in a statement. “Consumers should be confident in the contracts they enter into with their financial companies. This legislation will improve transparency, and in turn, accountability in the marketplace.”
“Today, the House passed the Credit Cardholders’ Bill of Rights, which will take common sense steps to protect families from unfair credit practices,” Rep. Ben Ray Lujan is quoted as saying in another release. “These responsible steps will safeguard families from retroactive charges, excessive fees, arbitrary rate increases and misleading terms.”
The bill now heads to the Senate, where it is expected to be heard next week. Both New Mexico Senators, Tom Udall and Jeff Bingaman, are in support of the bill. President Barack Obama also is in favor of the bill and will sign the bill if it passes the Senate.
A similar bill passed the House last September by a 312-112 margin, but failed in the Senate Committee on Banking, Housing, and Urban Affairs.
