Basics Of The Credit Card Reform Bill

Law360, New York (June 1, 2009, 12:00 AM EDT) -- As of May 29, credit cardholders actually have rights when it comes to credit card fees. When President Barack Obama signed the “Credit Cardholders Bill of Rights,” it changed the game for credit card issuers by limiting fees and contract changes.

The Credit Card Accountability Responsibility and Disclosure Act of 2009 passed overwhelmingly by Congress and signed with much fanfare by the president on May 22, 2009. The law doesn’t set any limits on interest rates, but it does make it much harder for card-issuers to...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.