Posted on October 20, 2009 by Daniel O'Rielly

Push Is On to Accelerate CARD Reform

The U.S. House Committee on Financial Services is considering recently-introduced legislation, called the Expedited CARD Reform for Consumers Act of 2009, to accelerate the effective date of the Credit CARD Act of 2009.  Certain provisions of the CARD Act became effective in August 2009.  The Expedited CARD legislation would amend the effective date of the remaining provisions of the CARD Act to December 1, 2009 from February and July 2010. 

The Expedited CARD legislation also identifies specific CARD Act provisions to accelerate, including: reviews of past interest rate increases under Section 148(d) of the Truth in Lending Act (15 U.S.C. 1665c(d)); the requirement that penalty fees be reasonable and proportional to the violation, Section 149(b) of the Truth in Lending Act (15 U.S.C. 1665d(b)); and gift card consumer protection provisions.

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