As featured in The Wall Street Journal, Money Magazine, and more!
     

Senate Passes Credit CARD Act

This article was written by in Credit. 4 comments.


In a sweeping vote of 90 to 5, the Senate passed the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009, including the sole unrelated amendment to restore weapon carrying rights in National Paks.

The bill differs from the Credit Cardholders’ Bill of Rights Act of 2009, passed earlier by the House of Representatives. Now the Congress must work together to hammer out a compromise to be presented to the President to sign into law.

Published or updated May 19, 2009. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

Email Email Print Print
avatar
Points: ♦127,500
Rank: Platinum
About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 2 comments… read them below or add one }

avatar Lily

The bill sounds like a good idea but may be fraught with unintended consequences for responsible credit card users:

http://www.nytimes.com/2009/05/19/business/19credit.html

A second NYT article makes it sound less dire:

http://www.nytimes.com/2009/05/20/your-money/20money.html

Reply to this comment

avatar lynda

Wake up America, this regulation is reducing your opportunities to borrow money on your own terms. Congress has swung the pendulum too far the wrong way and all of us will experience the pain of this action. While the intent may have been good, too many of hte changes are terribly wrong and restrictive.

Up to now, we have all had the opportunity to use a credit card or not. Many of us will no longer have that option going forward. So thanks Congress, for screwing us all yet again.

Reply to this comment

Leave a Comment

Connect with Facebook

Note: Use your name or a unique handle, not the name of a website or business. No deep links or business URLs are allowed. Spam, including promotional linking to a company website, will be deleted. By submitting your comment you are agreeing to these terms and conditions.

Notify me of followup comments via e-mail. You can also subscribe without commenting.

Previous post:

Next post: