The Credit Card Act of 2009 What it is, What it does and Why it is Important
The credit card act of 2009
Jul 16, 2015
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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
advertisement!
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
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