S.414 - Credit Card Accountability Responsibility and Disclosure Act of 2009 Sponsor: Christopher Dodd / 111th Congress

Title
111th Congress - A bill to amend the Consumer Credit Protection Act, to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes. hidemore...
Summary
A bill to amend the Consumer Credit Protection Act, to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes. (by CRS)
Status
The bill has passed through committee and has been put on a legislative calendar.

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Credit Card Accountability: This bill must pass. by Karen Chung, Mar 30, 2009 (10:27pm)

The Credit CARD Act (111th) prevents credit card issuers from increasing interest rates at any time for any reason. The bill also prevents card issuers from increasing interest rates retroactively on existing balances, limits fees and penalties, requires honesty and transparency about the terms of contracts, prohibits issuers from raising rates for reasons unrelated to the card, and protects consumers under 21 from credit card solicitations by requiring parental permission, completion of a financial education course, and demonstration of their ability to repay independently. Although the Federal Reserve adopted provisions to protect consumers from unfair credit card practices in 2008, those provisions will not go into effect until June 2010. If passed, S. 414 would ensure quicker and, combined with the new Federal Reserve rules, more thorough relief and protection for consumers.

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