8273-08 Urge Reform for Credit Card Industry

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ResolutionNo.: 8273-0& $y; Antonio, Bullock, Butler, Dever, Madigan, Powers, Summers. A RESOLUTION 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. WHEREAS, many responsible consumers aze 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 pracfices; 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 j eopazdy; 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 proposed 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 principles, 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. Now Therefore, BE IT RESOLVED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That this Council and Mayor 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. Section 2. That the Clerk of Council be and she is hereby authorized and directed to forward a copy this Resolution to: the National Credit Union Administration, the Federal Reserve Board and the Office of Thrift Supervision and that a copy of this Resolution be spread upon the minutes of this meeting.