Credit Card Act 2009 Slated to Take Affect Sooner
The Credit Card Act of 2009, passed by Congress and signed into law by President Obama in May 2009, has many 
consumer protections and provisions. The bill was slated to take effect in February 2010, but the House Financial Services Committee recently passed a bill to push the effective date to December 1, 2009. The bill’s sponsors, Carolyn Maloney D-NY and committee chairperson Barney Frank D-MA, wanted to move the effective date up to stop the banks that issue credit cards from squeezing the consumers with interest rate hikes and fees in anticipation of the new law.
Banks Concerned By Revised Timetable
Consumers have been struggling under difficult credit card rules, regulations and increasing rate hikes. Banks complain though that they can’t implement the required changes by the timetable required under the new bill. In