Congressman Wilson backs credit card reform

Charlie Wilson supported recent legislation he believes will protect credit card consumers and homebuyers. Wilson, D-St. Clairsville, voted in favor of the Credit Cardholders Bill of Rights passed by the House on April 30, which provides consumer protection against common industry practices.

According to the release, abounding barter complained of a convenance of authoritative a bill due on a anniversary or a Sunday. Under the legislation, the due date would be continued to the abutting business day if it avalanche on a anniversary or Sunday. "Right now, acclaim agenda companies can accession ante at any time for any reason. That's not fair and it doesn't account the agreement of the aboriginal contract. This legislation gives Americans the rights and advice they charge to accomplish assured decisions about their finances," Wilson said.

The second-term agent additionally voted in favor of the Mortgage Ameliorate and Anti-Predatory Lending Act of 2009, which he says is to assure consumers while reforming the banking system. "Many of us accept that these reforms could accept prevented the subprime mortgage crisis that concluded up demography our abridgement down," he said.

The legislation, amid added things: requires lenders ensure a borrower's adeptness to accord the loan; prohibits arbitrary lending practices; holds creditors amenable for loans that arise with them; protects tenants who hire homes that go into foreclosure, and offers acknowledged abetment to homeowners and tenants adverse foreclosure.

Wilson additionally accurate the Artifice Enforcement and Recovery Act of 2009 that creates a bipartisan agency to investigate the problems in the banking arrangement that contributed to the accepted recession and creates laws to arraign the accumulated and mortgage artifice he says occurred. He said this is annihilation added than "re-instituting the affectionate of reforms we charge to clean our abridgement in a way that's fair to business and consumers."

Finally, Wilson alien a bill -the Rural Career and Abstruse Education Expansion Act -to animate the assimilation of abstruse agents in rural areas. Under the bill, any abecedary who completes bristles years of teaching career and abstruse coursework on a full-time base could accept up to $17,500 to accord their apprentice loans.