S.1833 - Expedited CARD Reform for Consumers Act of 2009

A bill to amend the Credit Card Accountability Responsibility and Disclosure Act of 2009 to establish an earlier effective date for various consumer protections, and for other purposes. view all titles (3)

All Bill Titles

  • Official: A bill to amend the Credit Card Accountability Responsibility and Disclosure Act of 2009 to establish an earlier effective date for various consumer protections, and for other purposes. as introduced.
  • Popular: Expedited CARD Reform for Consumers Act of 2009 as introduced.
  • Short: Expedited CARD Reform for Consumers Act of 2009 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
10/21/09
 
 
 
 
 
 
 

Official Summary

Expedited CARD Reform for Consumers Act of 2009 - Amends the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act of 2009) to move up the effective date of the Act from February 20, 2010, to December 1, 2009. Amends the Truth in Lending Act to move up also t

Official Summary

Expedited CARD Reform for Consumers Act of 2009 - Amends the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act of 2009) to move up the effective date of the Act from February 20, 2010, to December 1, 2009. Amends the Truth in Lending Act to move up also to December 1, 2009:
(1) the deadline by which the Board of Governors of the Federal Reserve System must issue final implementing rules for required creditor reviews of changes in factors considered in past consumer annual percentage interest rate (APR) increases when determining whether to reduce the APR; and
(2) the effective date of the creditor review requirement. Moves up to the same date:
(1) the effective date of the requirement that any penalty fee or charge that a credit card issuer may impose, including a late payment fee, over-the-limit fee, or any other penalty fee or charge, be reasonable and proportional to the omission or violation to which it relates; and
(2) the deadline for the Board to issue final implementing rules establishing standards for assessing whether any such penalty fee or charge is reasonable and proportional. Amends the Electronic Fund Transfer Act to move up to December 1, 2009, as well the effective dates of the Act's:
(1) prohibition against the imposition of a dormancy fee, an inactivity charge or fee, or a service fee with respect to general use prepaid cards, certificates, and store gift cards; and
(2) the deadline by which the Board must issue final implementing regulations.

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Organizations Supporting S.1833

  • Consumer Action
  • Pew Charitable Trusts
  • National Small Business Association

Organizations Opposing S.1833

  • National Association of Federal Credit Unions
  • American Bankers Association
  • Credit Union National Association
  • Consumer Bankers Association




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