A few provisions of the Credit Card Accountability, Responsibility, and Disclosure Act that President Obama signed into law May 2009 took effect immediately, and a few didn't take effect until August of that year. But most of the provisions took effect February 22, 2010. While these new rules are a significant improvement from the status quo that pervaded credit card...
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CRL joins several groups in opposing proposed rules that would continue the OCC's broad preemption of state laws governing mortgages, credit cards, bank accounts and other banking products.
Read the full, original report or executive summary from February 2011. Watch our 4.5 minute video of Senior Researcher Josh Frank discussing the findings. Updated CARD Act Research (June 2011): Clearer Pricing Not Raising Rates CRL's research shows that the Credit CARD Act of 2009 has reversed much of the unclear pricing on credit cards, without leading to higher rates...
Credit card offers have grown increasingly complicated since 2000, when Congress required issuers to start disclosing pricing information on credit card offers. But instead of providing clarity to consumers about the true cost of their credit cards, issuers responded to this mandate by adding a confusing array of numbers to their offers, new CRL research finds. Specifically, CRL's research finds...
Read the full comment to the Federal Reserve CRL Comments On "Report to the Congress on Reductions of Consumer Credit Limits Based on Certain Information as to Experience or Transactions of the Consumer"[1] The Federal Reserve recently issued a report based on a survey of credit card issuers that asked whether they had taken adverse action on consumers' accounts based...
CRL and consumer coalition express concerns about credit card issuer potential violations of the the Credit CARD Act of 2009. Problems related to penalty rate disclosures, variable rates, payment allocation and pick-a-rate are cited.
An Examination of Credit Card Late Fees Read the entire "A Just Fee or Just a Fee?" 13 page research report. Brief background on the report plus report findings: The CARD Act of 2009 brought strong credit card reform to the industry and benefits to cardholders, but the penalty late fee issue remains to be addressed. Congress assigned the Federal...
Four Tips to Rid Yourself of Credit Card Debt Sooner and Save Money The CARD Act of 2009 has provisions that enable borrowers to pay down their existing credit card debt sooner, save money in future interest, and improve their credit score. These key protections took effect on February 22, 2010, and have forced credit card issuers to reform the...
CRL and other consumer groups comments to the Federal Reserve on proposed credit card rules related to the implementation of the Credit CARD Act and penalty rates and fee increases.
CRL and other consumer groups comments to the Federal Reserve on proposed credit card rules related to the implementation of the Credit CARD Act and penalty rates and fee increases.