What is the CARD Act of 2009?

Commonly known as the CARD Act, this law's primary goals are the reduction of unexpected fees and improvements in the disclosure of costs and penalties. The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 seeks to curtail deceptive and abusive practices by credit card issuers.

What is the Credit Card Accountability Responsibility & Disclosure Act of 2009?

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (also known as the Credit CARD Act of 2009) is a federal statute that was enacted by the 111th Congress and signed into law by President Obama on May 22, 2009, to amend the Truth in Lending Act .

When did the Credit CARD Act come into effect?

The U.S. Congress passed the Credit Card Accountability, Responsibility, and Disclosure Act in May 2009, and President Barack Obama signed it into law shortly afterward. It took effect in 2010. Expanding on the Truth in Lending Act ( TILA ), the CARD Act was designed to protect consumers from the unfair practices of credit card issuers.