Putting Nevada First

Hundreds of Nevadans have written to me this year with some alarming news. Even though they’ve played by the rules and paid their bills on time, credit card companies are doubling their interest rates without notice, charging ridiculous fees and creating a cycle of debt that is nearly impossible for struggling families to escape.  Some loyal consumers have even had their accounts cancelled unexpectedly.  Adding insult to injury, some of these credit card companies are part of the very same banks taxpayers helped keep afloat in order to prevent an economic disaster.  As one Las Vegas lady told me: “I feel like I am being robbed by a company that my tax dollars are trying to bail out.” 

Nevadans are mad, and they have every right to be.  That’s why I am working to ensure the Senate passes  the Credit Card Consumer Protection Bill.

This bill protects consumers by establishing fair and sensible rules for how and when credit card companies can raise interest rates. Under this legislation, card companies must give 45 days’ notice before increasing rates -- and they can no longer increase rates on existing balances. The bill cracks down on abusive fees, which sometimes require consumers to pay a fee just to pay a bill. And credit card companies must mail statements 21 days before the bill is due, so cardholders can avoid hefty late fees. To learn more, CLICK HERE.

In short, this bill cleans up the fine print so consumers can’t get blind-sided by their credit card companies. It not only levels the playing field and keeps the rules consistent from beginning to end – it can also save Nevada’s families thousands of dollars a year. 

Thank you for reading this important update. Please visit my website for more information.

Help For Nevada Homeowners Becomes Law

Provisions from Reid will speed help to Nevadans

Nevada Senator Harry Reid today stood with President Barack Obama as the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act were signed into law.  Reid led the U.S. Senate to passage of both bills in which he included provisions to provide help for Nevadans struggling to stay in their homes.
 
The Helping Families Save Their Homes Act includes several provisions to promote homeownership and fight foreclosure while preventing the rampant mortgage fraud that has contributed to the current economic crisis.  It authorizes updates and improves the Department of Housing and Urban Development (HUD) program to encourage loan modifications.  It also provides resources to HUD to combat mortgage scams, including additional staff and advertising to warn consumers about scams and inform them of legitimate foreclosure-relief services.   The measure also includes new protections for tenants of foreclosed homes.
 
The Fraud Enforcement and Recovery Act provides critical funding and new tools to let law enforcement prosecute and punish those responsible for the mortgage and corporate frauds that have hurt countless hardworking Americans and led to the worst financial crisis in decades.  It also closes several legal loopholes that otherwise may allow individuals guilty of criminal conduct to evade prosecution.  Individuals who have engaged in corruption or deliberate criminal behavior should not be able to escape punishment on a technicality.

“President Obama understands how difficult the current economic situation is for Nevada families,” Reid said.  “The two bills signed into law today take important steps to protect consumers by encouraging modification of loans for homeowners who are upside down in their mortgage and cracking down on mortgage fraud to prevent more bad loans that lead to foreclosures.  These measures bring real help to Nevada and hope to people who are on the brink of losing their homes.”

Fighting for Nevada`s Troops, Consumers and Homeowners

This week, I pushed the Senate to complete work on a number of bills that will help our state’s consumers, homeowners and troops.

Later today, I hope the Senate will pass legislation that will fully fund our troops fighting in Iraq and Afghanistan. This issue is very important to me and to countless Nevadans. This legislation will provide Nevada Units with state-of-the-art vehicles, weapons and protection. Specifically, it provides our fighting men and women with improved body armor and their vehicles with increased protection (MRAPS) against roadside bombs. It provides pay and allowances for mobilized Reservists and Guardsmen and special pay and allowances for deployed active-duty personnel. This funding provides care for our wounded warriors by improving our medical facilities at Walter Reed and Fort Belvoir. Finally, it provides funding for the Unmanned Aerial Vehicles, which are flown throughout the warzones in Afghanistan but operated from right here in Nevada at Creech AFB. I am fully committed to ensuring that our troops have the resources necessary to keep Nevada and our country safe.

Yesterday, I stood with President Obama as he signed into law the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act. I am proud to have led the U.S. Senate to pass both bills, which will help struggling Nevadans stay in their homes. These laws will encourage lenders to work with homeowners to modify their mortgages and prosecute and punish those responsible for the mortgage and corporate frauds that have hurt countless hardworking Americans and led to the worst financial crisis in decades. To see the video, click here or click here for more details.

On Wednesday, the Senate passed legislation protecting credit cardholders against unfair practices by banks. The very same banks that taxpayers kept afloat to prevent an economic disaster are taking advantage of hardworking Americans by doubling and tripling their interest rates. We put a stop to these abuses by passing this legislation, which President Obama is expected to sign into law tomorrow. To see the video here.