Credit card reform legislation time line

How the bill became law; when its provisions take effect

By Tyler Metzger

This interactive guide shows how the Credit CARD Act of 2009 marched unevenly toward passage, and when its key provisions take effect.

The road to and future of credit card legislation February 2008
Rep. Carolyn Maloney, a New York City Democrat, introduces the Credit Cardholders' Bill of Rights, which bars or restricts many industry practices, including universal default , double-cycle billing and any-time-any-reason rate increases. April 2008
The Federal Reserve Board announces it will seek new regulations on the credit card industry, including restrictions on any-time-any-reason interest rate changes, and asks for public comments on its proposed rules. August 2008
A record 56,000 people comment on the proposed Fed regulations on the credit card industry. Overwhelmingly, they favor imposing more restrictions. September 2008
The House of Representatives votes 312-112 in favor of Maloney's Credit Cardholders' Bill of Rights. President George W. Bush signals opposition. October 2008
On the campaign trail, presidential candidate Barack Obama makes credit card reform an issue, and announces his support of a credit card five-star rating system. Dec. 18, 2008
Federal banking regulators approve a broad array of new restrictions on the credit card industry aimed at barring "unfair and deceptive" practices. January 2009
The Senate adjourns without taking up the Credit Cardholders' Bill of Rights. April 30, 2009
House again passes the Credit Cardholders' Bill of Rights by a vote of 357-70. May 19, 2009
Senate passes a similar bill, co-sponsored Sen. Christopher Dodd, but one that has even more restrictions. The vote is 90-5. May 20, 2009
The House embraces the Senate bill, passing it by a 361-64 vote, sending it to President Obama. May 22, 2009
President Obama signs the credit card bill into law. Aug. 20, 2009
Credit card issuers must give 45 days' advance notice of significant changes in terms and give consumers 21 days to make monthly payments. Feb. 16, 2010
Deadline for final guidelines on restricting cross-border trafficking of stored value cards. Feb. 22, 2010
1. Major provisions of credit law take effect.
2. Deadline for Federal Reserve to issue final rules on reducing interest rates on accounts where APRs have increased if consumers have been good.
3. Deadline for federal regulators to issue final rules setting standards for whether fees are reasonable and fit the violation. 4. Deadline for Fed to issue final rules on gift card expiration dates and dormancy fees.
5. Deadline for initial report on marketing of credit cards on college campuses. May 22, 2010
1. GAO report on the relationship between fluency in English and financial literacy due to the Senate Banking Committee and House Financial Services Committee.
2. Report due to Congress on the extent that card issuers lowered credit limits or increased interest rates based on where a user shopped, the type of establishment or items purchased between 2006 and 2009.
3. Deadline for the Fed to submit a report to Congress on credit plans for businesses employing less than 50 workers and whether terms are unfair or deceptive. July 1, 2010
Federal rules on unfair or deceptive credit card practices and disclosure take effect. Aug. 22, 2010
1. Credit card issuers must begin reducing interest rates to previous levels after six month reviews of payment records on accounts that have been increased.
2. Credit card fees (for paying late, exceeding the credit limit or other violations) must be reasonable and proportional to the violation.
3. Gift cards must be valid for at least five years; dormancy fees banned for 12 months. Dec. 31, 2010
Deadline for Comptroller General of the United States to submit study on marketing of products such as credit insurance and debt cancellation agreements with credit cards. May 22, 2011
Deadline for the Fed to produce the first biennial review of the credit card market, including the cost and availability of credit and adequacy of laws.

Published: May 22, 2009


	Three most recent Legal, regulatory, privacy issues stories: Credit card issuers: Sorry, new law says we can't cut your rates – Credit card issuers turn on its head the reform law that bans sudden rate increases; they say that it also forbids quick rate cuts ... Discover debuts reform-law compliant credit card terms – Discover is the first of the major credit card issuers to give cardholders details of new terms under credit card law provisions ... Fed leaves rates unchanged again, stays positive about economy – The Federal Reserve left its lending rates unchanged again on Wednesday, even as the central bank reiterated that the economy is on the mend ...


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Credit Card Rate Report

Updated: 11-07-2009

National Average	12.64%
Business	9.69%
Low Interest	11.91%
Cash Back	12.36%
Reward	12.85%
Instant Approval	13.32%
Balance Transfer	13.46%
Airline	13.60%
Bad Credit	14.29%
Student	14.45%


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