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Credit Card Rule Changes
December 8, 2009 – 5:48 pm
Watch for new Credit Card Act of 2009 to go into effect in 2010
Understanding the Credit Card Accountability Responsibility and Disclosure Act
By Gerri Detweiler for Credit.com
On May 22, 2009, the Credit CARD Act of 2009 was signed into law by President Barack Obama. The full title of the law — Public Law 111-24 — is the Credit Card Accountability Responsibility and Disclosure Act of 2009. It amends the Truth In Lending Act, the Federal Trade Commission Act and the Electronic Funds Transfer Act.
Following is a description of the main provisions of this important consumer protection legislation. Keep in mind that there are numerous sections of the law where the Federal Reserve Board — called the “Board” from here on — often with the cooperation of other regulatory agencies, will be required to develop rules that describe how the law will work in “real life.” In other words, this is not the final word on this legislation, and is meant to help you understand it, not provide a legal interpretation.