The CARD Act – New Rules for Credit Cards
The CARD Act, the Credit Card Accountability, Responsibility and Disclosure Act,signed into law on May 22, 2009, supposedly will provide increased consumers protection.Most of the changes go into effect after February 22, 2010. Already, many credit card issuers have increased rates, fees and have taken an immediate defensive posture. Probably, when CARD takes effect, the Banks will have worked around the so-called protections. Hopefully, not too many people will be shut out of credit cards.
Ronald J. Cappuccio, J.D., LL.M. (Tax)