Highlights of the New Credit Card Rules: What They Do and Don’t Do
A few provisions of the Credit Card Accountability, Responsibility, and Disclosure Act that President Obama signed into law May 2009 took effect immediately, and a few didn't take effect until August of that year. But most of the provisions took effect February 22, 2010. While these new rules are a significant improvement from the status quo that pervaded credit card policies for years, they are not enough. In the months leading up to the changes that took effect February 22, 2010, credit card issuers adopted tricks and traps intended to evade the law. The Federal Reserve Board, which wrote...