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Coalition Promotes Code for Issuing Cards to Underserved Consumers

WASHINGTON -- A coalition of minority groups, card issuers and business organizations has issued a proposal that they hope will keep the needs of low-income consumers for affordable credit from being swallowed up in consumer protection regulations.

By David Morrison | Updated on September 18, 2008

WASHINGTON — A coalition of minority groups, card issuers, and business organizations has issued a proposal that they hope will keep the needs of low-income consumers for affordable credit from being swallowed up in consumer protection regulations.

Citizens for Equal Access to Credit proposal consists of a statement of principals aimed at legislators and regulators and a code of practices aimed at card issuers. The statement of principals seeks to educated legislators, regulators and the public at large about the goals and concerns of lower income consumers seeking credit while the code of practices seeks to reform some of the practices of issuing cards to lower income consumers.

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