New York Politicians Urge Senate to Pass Credit Cardholders' Bill of Rights

New York, NY —

New York's elected officials are urging the US Senate to quickly pass a bill to reform the credit card industry, citing what they call predatory practices.

REPORTER: The Credit Cardholders' Bill of Rights passed Thursday in the House. Congresswoman Carolyn Maloney says the legislation would bring some long overdue changes to credit card companies' terms of service:

MALONEY: There'll be no misleading terms, no microscopic fine print, and nowhere will you see the dreaded words: "We reserve the right to change the interest rate at any time, for any reason."

REPORTER: Among other things, the bill would require 45 days advance notice of any interest rate increases. Maloney and Senator Charles Schumer introduced the House and Senate versions of the the legislation respectively. The Senate is set to consider the bill next week.

Maloney and Schumer say after doing so much for struggling financial institutions, it's only right to help American consumers.