View source for Worthington, OH Protect Consumers from Unfair Practices of Credit Card Industry

{{Entity|Locale=Worthington|Region=OH|Country=US}}
'''Type''': Resolution

'''Status''': Adopted on 6/16/08

'''Source File''': http://www.worthington.org/uploads/File/Resolutions/23-2008_Protect_Consumers_Credit_Cards_-_Cordray_s_Office.pdf

'''Text''':

'''RESOLUTION NO. 23-2008'''<br>
''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 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 predatory business practices;
and,

'''WHEREAS''', the proposal form 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 proposed regulations will help to provide responsible consumers
with greater piece 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-services 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 Municipality of
Worthington, County of Franklin, State of Ohio:

'''SECTION 1.''' This Council urges 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 hereby is instructed to record this
Resolution in the appropriate record book, and directed to transmit copies of this
resolution to the National Credit Union Administration, the Federal Reserve Board, the
Office of Thrift Supervision and the members of Ohio’s Congressional delegation via
Ohio Treasurer Richard Cordray’s office.

[[Category:City Governments]]
[[Category:Ohio]]
[[Category:Predatory Lending]]
[[Category:Resolutions]]