ACORN released the following statement via email this afternoon after the release of new credit card regulations:
ACORN President Maude Hurd released the following statement in reaction to the new regulations approved by OTS, NCUA, and the Federal Reserve:
"While ACORN welcomes the elimination of double-cycle billing, universal default, and the raising of rates on outstanding balances, this modest and long overdue proposal should in no way blunt the huge momentum toward Congressional action on much stronger regulations that will provide consumers with the robust protection they deserve and that our economy demands to prevent mass defaults. These new rules, for example, do not even take effect for 18 months, and the American people will demand swifter change on this area of broad agreement."
