By Jessica Borders
FAIRMONT — While the Credit Card Accountability, Responsibility and Disclosure Act of 2009 is working to protect consumers, it has also had some unintended consequences.
Congress passed the Credit CARD Act, with both the House and Senate showing great bipartisan support, and President Barack Obama signed it into law in May 2009. This expansive credit card reform legislation will officially become effective on Feb. 22 of this year.
“With this bill, we’re putting in place some common-sense reforms designed to protect consumers ... Credit card companies provide a valuable service; we don’t begrudge them turning a profit,” the president said at the signing of the bill on May 22. “We just want to make sure that they do so while upholding basic standards of fairness, transparency and accountability. Just as we demand credit card users to act responsibly, we demand that credit card companies act responsibly, too.”
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