Projo 7 to 7 News Blog

PROVIDENCE -- The U.S. Senate Judiciary Committee will hold a public meeting Thursday in Rhode Island on proposed changes to bankruptcy law.

U.S. Sen. Sheldon Whitehouse, D-R.I., will chair the committee's field hearing on "Credit Cards and Bankruptcy: Opportunities for Reform," at 2 p.m. in Rhode Island College's Auditorium, William C. Gaige Hall, 600 Mount Pleasant Ave., Providence.

The meeting is open to the public. No tickets are required.

Whitehouse in July introduced the Consumer Credit Fairness Act (CCFA), which aims to provide consumers some relief from high interest rates.

Under the CCFA (S. 3259), if a consumer enters bankruptcy proceedings, creditors charging excessive interest rates and fees would not receive repayment until all other creditors were paid in full. The bill would also offer additional relief to consumers pushed into bankruptcy as the result of loans carrying excessively high interest rates or fees.

"With working families in Rhode Island and across the country stretched thin by lower incomes and fewer jobs, interest rates that can climb well above 25 or 30 percent are excessive, unnecessary, and harmful both to family budgets and our economy," Whitehouse said. "It's time to send a strong message to abusive lenders that they will no longer be able to take advantage of consumers without facing significant consequences."

National lending and bankruptcy law experts, including professor John Chung, of Roger Williams University School of Law, will be on hand to discuss credit card reform through bankruptcy law. Testimony by the witnesses and other proceedings will be entered into the official record of the Senate Judiciary Committee.

Witnesses that are scheduled to testify at the hearing include:

• Robert M. Lawless, professor of Law, University of Illinois
• John Chung, associate professor of Law, Roger Williams University
• Hon. Thomas Small, U.S. bankruptcy judge, Eastern District of North Carolina
• John Rao, lawyer, National Consumer Law Center

 Tags  bankruptcy law Consumer Credit Fairness Act credit card debt Providence Rhode Island College RI Senate Judiciary Committee Sheldon Whitehouse

---