Credit Card Accountability, Responsibility and Disclosure Act of 2009
Timeline of the legislative and regulatory process
• Federal Reserve Adopts Sweeping New Rules Governing Card Practices and
August 18, Credit Card Disclosures
2008
May 22,
2009
• President Obama signs the Credit Card Accoutnability, Responsibility and
Disclosure Act of 2009 ("CARD Act")
• First phase of CARD Act implementation
•Issuers must provide 45-day advance notice of interest rate increases and must
August 20,
give customers the option to decline such increase
2009
February
22, 2010
July 1,
2010
• Second phase of CARD Act imiplementation
•Greater protections from interest rate increases, streamlined billing practices,
certain fees restricted, safeguards for young adults
• New rules governing credit card disclosures take effect
•Important information such as payment due date and minimum payment due must
be disclosed in table format with every billing statement
• Final phase of CARD Act implementation
•"Penalty Fees" must be reasonable and proportional and inactivity fees are
August 22,
banned
2010