S.414 - Credit Card Accountability Responsibility and Disclosure Act of 2009

A bill to amend the Consumer Credit Protection Act, to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes. view all titles (5)

All Bill Titles

  • Official: A bill to amend the Consumer Credit Protection Act, to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes. as introduced.
  • Short: Credit CARD Act of 2009 as introduced.
  • Short: Credit Card Accountability Responsibility and Disclosure Act of 2009 as introduced.
  • Short: Credit Card Accountability Responsibility and Disclosure Act of 2009 as reported to senate.
  • Short: Credit CARD Act of 2009 as reported to senate.

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  • Tinalouise99 04/23/2009 3:10am
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    + -2

    This bill goes further than helping customer’s with credit card interest rate spikes. It regulates payment cut off times (5:00 pm for electronic payments & payments mailed in 7 days are considered ‘on time’) And even discusses an ADULT not being able to obtain a card until age of 21 unless certain stipulations apply.

    I wish the government would stop helping us out. I have two credit cards and am not in debt up to my eyeballs because I know the disclosures these credit card companies provided me.

  • rjm2j 04/27/2009 9:51am
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    + -2

    This bill will SEVERELY limit access to credit for those with poor to average credit scores. A decrease in credit will lead to a continued degradation of the economy as people stop being able to spend. Shouldn’t the government be trying to turn the economy around and not force it further into recession?

  • Comm_reply
    dbmalkie6 09/09/2009 5:55am
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    + -1

    There should be a limit to credit. American’s live beyond their means which is part of the reason we are in this financial state. The government is continuing this same practice with tax payer money. Will this really reduce the cost of credit? No. This industry will make up the profit lost from this bill by other means. I have heard several examples of potentially new “fees” to make up the difference. Interest rates are already being hiked in advance of this bill. At the end you will see rates already hiked up, and new “fees” being imposed on the consumer. What did we get in the end? Nothing but wasted taste payer dollars! 70% of our economy is consumer spending – 70%. This consumer cannot spend my hard earned money because the government has already spent it for me. Until the consumer starts spending and the government stops, you will see little improvement in our economy.

  • charlesgliva 04/28/2009 10:17am
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    + -1

    I supposed it would be a good thing to limit credit those with poor to average credit scores. For one, there is a reason their scores are poor to average.

  • GROM 04/30/2009 5:16am
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    + -1

    If there is a limit to those with poor and average credit scores, it’s for their own safety. They got themselves in that place by spending more than they have, not making payments, and opening 5 credit lines just to get a discount from a store. Those people are just one of the causes of bad economy. If they haven’t grown up to manage their own money, they should have a limited access to credit cards.

    Credit card companies also should be controlled on how they conduct business.

    Off to reading the bill :)

  • TLee1 04/30/2009 11:43am
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    + -1

    S 414 Sec. 103 (Sec. 127 Truth in Lending Act) – o)(2) language regarding amount of any fee or charge should be reasonably related to the cost to the card issuer of such omission or violation is way too vague, meaningless, and lacks a clear inability to prove by the consumer. It should be related to something measurable or noty at all. Also, bill should be amended to have rollback of all rate increases to at least January 2008. That is when the credit card companies really began to take advantage of people and actually defraud them.

  • TLee1 05/01/2009 8:09am
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    + -1

    Regarding the interest rates charged by credit card companie: they should be rolled back to comply with states’ usury laws. If that can’r be done, the federal government should set a ceiling on all interest rates, never to exceed “x %.” Anything above 15% is usurious.


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