Credit CARD Act of 2009 News

Credit CARD Act of 2009 News From AOL News

Shoppers Get New Protection for Gift Cards

(March 23) -- American consumers will be protected from hidden fees and untimely expiration dates that chain stores, credit card companies and other merchants tie to retail gift cards under new rules issued by the Federal Reserve. The rules will cover bookstore chains, clothing retailers and other kinds of affiliated...

Get Ready for Round 3 of Credit Card Reform

(March 19) -- Don't take the shears to your credit card just yet. While credit card issuers may have managed to stay one step ahead of consumer-protection regulations, the next round of Credit CARD Act provisions will force them to roll back some of their charges. "This proposal addresses two key costs of using a...

Background on Credit CARD Act of 2009

The Credit Card Accountability Responsibility and Disclosure Act of 2009 or Credit CARD Act of 2009 is a federal statute passed by the United States Congress and signed by President Barack Obama on May 22, 2009. It is comprehensive credit card reform legislation that aims "...to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes." The bill was passed with bipartisan support by both the House of Representatives and the Senate.

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