Laws acquire popular names as they make their way through Congress. Sometimes these names say something about the substance of the law as with the ' Winter Olympic Commemorative Coin Act'. Sometimes they are a way of recognizing or honoring the sponsor or creator of a particular law as with the 'Taft-Hartley Act'. And sometimes they are meant to garner political support for a law by giving it a catchy name as with the 'USA Patriot Act' or the 'Take Pride in America Act' or by invoking public outrage or sympathy as with any number of laws named for victims of crimes.
Email President Barack Obama warned overeager shoppers and greedy credit card companies alike on Friday to act responsibly as he signed into law a bill designed to protect debt-ridden consumers from surprise charges.
The White House staged a signing ceremony in the Rose Garden, an indication of the legislation's importance to Obama. Though opposed by many financial companies, the bill cleared Congress with broad support.
Obama made clear that he didn't champion the changes with the intention of helping those who buy more than they can afford through "reckless spending or wishful thinking.
We do not excuse or condone folks who've acted irresponsibly. The new law protects consumers from surprise charges, such as over-the-limit fees and costs for paying a bill by phone. It overhauls credit card regulations that the president blames in part for the economic downturn.
The measure by Sen. The addition of the amendment to the bill and Obama's acceptance of it was viewed as a bitter disappointment for gun-control advocates.
They watched gun-rights supporters gain a victory from a Democratic-controlled Congress and a Democratic president that they couldn't achieve under a Republican Congress and president. Many blamed the National Rifle Association, which pushed hard for the gun law.
The new credit card rules, which would go into effect in nine months, would prohibit companies from giving cards to people under 21 unless they can prove they have the means to pay the debt or a parent or guardian co-signs for the card.
Under the bill, a customer would have to be more than 60 days behind on a payment before seeing a rate increase on an existing balance. Even then, the lender would be required to restore the previous, lower rate if the cardholder pays the minimum balance on time for six months.
Consumers also would have to receive 45 days' notice and an explanation before their interest rates increased. Last year, the Nilson Report estimated that more than million credit cards were in circulation in the United States.
That's more than two cards for every man, woman and child. Many cardholders are carrying hefty balances. Credit, the president said, has become "less of a lifeline and more of an anchor.
Some conservatives, however, have expressed reservations about the unintended consequences of the new law. This material may not be published, broadcast, rewritten, or redistributed.
The Associated Press contributed to this report.Last year, I signed the Credit Card Accountability, Responsibility and Disclosure Act into law to put a stop to deceptive credit card practices and hold credit card companies accountable to their customers.
Yesterday, the final reform provisions of the CARD Act took effect. Credit Card Accountability, Responsibility and Disclosure Act This article was originally published on March 15, and expired on April 15, It is provided here for archival purposes and may contain dated information.
May 22, · The new Credit Card Accountability Responsibility and Disclosure Act applies only to personal cards, meaning small businesses that use corporate cards won't benefit from the .
In mid-June the Federal Reserve Board adopted amendments to Regulation Z to implement provisions of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of Consent for Optional Over-the-Credit-Limit Transaction Coverage.
Due to Federal Government changes enacted by the Credit Card Accountability Responsibility and Disclosure Act of (Credit Card Act), we are required to decline any transaction(s) which exceeds your Visa Ò credit card limit – regardless of the amount – unless you have elected to “opt-in” for Over-the-Credit-Limit.
The federal Credit Card Accountability, Responsibility and Disclosure Act of ("CARD Act") imposes new regulations on gift certificates, store gift cards and general use pre-paid cards ("gift cards") with respect to expiration dates, fees, and disclosures both on the gift card and prior to purchase.