Federal Credit Card Law Updates
The Credit Card Accountability Responsibility and Disclosure Act of 2009, signed and passed into law this May, has several consumer protection provisions that have already gone into effect, according to a recent FDIC Consumer Alert, including:
• Credit card issuers must provide a 45-day advance notice of rate increases and inform a card holder of his or her right to cancel an account before the rate increase begins.
• Monthly credit card statements must be mailed or delivered to customers at least 21 days prior to a payment due date.
While most of the provisions were set to be effective in February and August of 2010, the U.S. House Financial Services Committee recently introduced H.R. 3639, Expedited CARD Reform for Consumers Act of 2009, which would move the effective date for those provisions back to December 1, 2009.
You can keep track of this legislation at THOMAS. Search by bill number H.R. 3639 under Search Bill Status & Summary to follow the bill's latest actions.