the credit card act of 2009

The Credit Card Act of 2009

What it is, What it does and Why it is Important

What is the Credit Card Act of 2009

Passed by Congress and signed into law, May 22, 2009. President Obama signs the Credit Card Accountability,

Responsibility, and Disclosure Act.

What does the Act do?

Limits interest

Increases!

Bans Unfair or

Deceptive Practices

Must notify consumer of significant changes!

Allow users to Opt-Out!

Late fees must be

reasonable

Uniformity of Due Dates

Restrictions on age and

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Rates, Terms, Fees

Payments to Highest Interest Rate First.

Retroactive billing not allowed. Due dates not

on weekends or Holidays!

Youth and Credit

Disclosure

Protects Small Businesses

Federal Reserve: make legislative recommedations

Small Business Information Security Task Force to protect loss of credit card

data

Summary of Existing programs.Plan for new

and improved programs!

Sources

• http://www.whitehouse.gov/the_press_office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders

• http://banking.senate.gov/public/_files/051909_CreditCardSummaryFinalPassage.pdf

• http://www.creditcards.com/credit-card-news/credit-card-law-interactive-1282.php

• http://personaldividends.com/money/miranda/credit-card-act-of-2009-how-it-affects-you

• http://www.creditcards.com/credit-card-news/obama-signs-credit-card-law-1282.php