Consumer Payment Card News

Biz Card Bill

An amendment to bill has been introduced in the U.S. Senate that would expand the “Truth in Lending Act”‘s credit card provisions to include small businesses with 50 or fewer employees. The amendment to the “Credit CARD Act of 2009” was introduced by Sen. Mary Landrieu, D-La., and Sen. Olympia Snowe, R-Maine. The amendment would also increase the current credit limit from $25,000 to $50,000 to adjust for inflation and the increasing number of small businesses with higher credit limits. The following Senators have cosponsored the amendment: Sens. Benjamin L. Cardin, D-Md., Sharrod Brown, D-Ohio, Jeanne Shaheen, D-N.H., and Maria Cantwell, D-Wash. The following organizations have signed a letter supporting the amendment: American Beverage Licenses, American Society of Travel Agents, Center for Responsible Lending, Consumer Action, Consumer Federation of America, Demos: A Network for Ideas & Action, Food Marketing Institute (FMI), National Association of College Stores, National Association for the Self-Employed, National Association of Theatre Owners, National Community Reinvestment Coalition, National Consumer Law Center (on behalf of its low income clients), National Federation of Independent Businesses (NFIB), National Small Business Association (NSBA), Petroleum Marketers Association of America, Service Employees International Union, U.S. Hispanic Chamber of Commerce, U.S. PIRG and U.S. Women’s Chamber of Commerce.

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