Credit Card Accountability
Over the last two decades, credit card use has skyrocketed, leaving the average cardholder with a debt of about $7,300.  This financial burden is being compounded by a variety of fees and interest rate practices used by the credit card industry, leaving many families and individuals struggling to pay their debts.  That is why I was proud to support legislation to protect consumers and crack down on unfair and deceptive credit card company practices. The Credit Card Accountability Responsibility and Disclosure Act of 2009 (the CARD Act) is focused on improving corporate accountability and protecting consumers from the unacceptable practices of credit card companies that have gone unchecked for too long. The CARD Act was signed into law in May 2009 and the first provisions of the law went into effect on August 22, 2009.

Mortgage Fraud Enforcement
One of the most unfortunate aspects of the foreclosure crisis has been homeowners who have lost their homes due to the fraudulent practices of some mortgage lenders.  In order to ensure past fraudulent practices are investigated and protections are put in place to prevent reoccurrences, I was proud to support the successful Fraud Enforcement and Recovery Act of 2009.  The legislation strengthens the capacity of federal prosecutors and regulators to hold accountable those who have committed fraud.  Over 50% of sub-prime mortgages issued as recently as 2005 involved private mortgage institutions and similar entities not currently covered under federal bank fraud criminal statutes.  This law brings these institutions under the relevant statute and makes other important changes, including making it a crime to make a materially false statement or to willfully overvalue a property in order to influence mortgage lending.