What is the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009?
On May 22, 2009, President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. To learn more about this Act, visit www.federalreserve.gov. On July 22nd, the Federal Reserve Board published in the Federal Register an interim final rule to amend Regulation Z to implement two provisions of the CARD Act. The interim regulations are effective August 20, 2009, but are open to a public comment period that closes on September 21, 2009. Docket No. R-1364. Section 101 of the new law applies only to credit cards and requires that change-in-term notices be provided at least 45 days in advance before increasing the annual percentage rate (APR) or changing significant terms, rather than the current 15-day notice period. Section 106 of the CARD Act also effective August 20th applies to all open-end credit, in addition to credit card accounts, and requires that periodic statements be provided at least 21 days before the payment due date. How does the CARD Ac
