The Credit CARD Act of 2009 – What is It, and What Does It Do?
By Mary Beth Matthews · October 9, 2010 · 2010 Ark. L. Notes
In categories: Financial Institutions Law
The Credit Card Accountability Responsibility and Disclosure Act of 2009 (the “Credit CARD Act”), was signed into law by President Obama on May 22, 2009. As described by the Senate Report, its purpose was “to implement needed reforms and help protect consumers by prohibiting various unfair, misleading and deceptive practices in the credit card market.” The Federal Reserve Board and other federal agencies had already begun addressing those issues by means of federal regulations, which had been scheduled to become effective on July 1, 2010. The Credit CARD Act of 2009 therefore superseded, and in some respects supplemented, that administrative effort. The credit card reform effort has now been shifted back to the relevant federal agencies, which have been engaged in the process of drafting and proposing complicated, detailed, and lengthy regulations to implement the new Act.