For Immediate Release

Contact: 
Elizabeth Brennan, 213-999-2164
Lynda Tran, 202-730-7349

***** MEDIA ADVISORY for Wednesday, February 20 *****

As concerns grow that credit card debt will lead to the 'next subprime crisis'…

Community hearing to discuss impact of runaway debt, unscrupulous practices by credit card companies

U.S. Rep. Joe Baca to hear testimony from consumers, community leaders in first in series of town-hall style hearings planned nationwide

Los Angeles -- With a growing number of lawmakers and industry analysts warning runaway credit card debt could be the "next subprime crisis" with similar catastrophic effect on the nation's economy, workers and community leaders throughout the Los Angeles area are hosting a community hearing to discuss the impact of credit debt and unfair banking and credit card practices on consumers and working families. Congressman Joe Baca (D-CA) is expected to join consumer advocacy organizations, faith, and labor leaders to call on elected representatives to ensure the nation's biggest banks-including the largest bank, Bank of America-follow meaningful bank reforms.

WHAT:  Town Hall meeting to discuss impact of credit card debt on working families

WHO:  U.S. Representative Joe Baca Victims of credit card and banking industry bad practices

WHEN:  6:30PM - 8:30PM Wednesday, February 20, 2008

WHERE:  West Covina Senior Center, 2501 East Cortez Street

The widespread use of policies including universal default and risk-based re-pricing, among other practices that can leave working people with unexpected hikes in fees and interest rates have come under increasing fire recently amid mounting concerns of a looming economic recession. The Los Angeles town-hall style hearing is the first in a series of community hearings with lawmakers and community advocacy organizations planned nationwide to discuss banking issues.