Credit CARD Act of 2009
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| Long title | An Act to amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes. |
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| Nicknames | Credit CARD Act of 2009 |
| Enacted by | the 111th United States Congress |
| Effective | February 22, 2010 |
| Citations | |
| Public law | 111-24 |
| Statutes at Large | 123 Stat. 1734 through 123 Stat. 1766 |
| Codification | |
| Acts amended |
Truth in Lending Act Fair Credit Reporting Act Electronic Fund Transfer Act Omnibus Appropriations Act, 2009 |
| Titles amended | 5, 11, 15, 20, and 31 |
| Legislative history | |
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The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 is a federal statute passed by the United States Congress and signed by U.S. President Barack Obama on May 22, 2009. It is comprehensive credit card reform legislation that aims "...to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes." The bill was passed with bipartisan support by both the House of Representatives and the Senate.
The Credit Cardholders' Bill of Rights was introduced in the 110th Congress as H.R. 5244 in the House of Representatives by Representative Carolyn Maloney, a Democrat from New York and the chair of the House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit. The bill had passed 312 to 112 but was never given a vote in the Senate.
In the 111th United States Congress, the bill was reintroduced as H.R. 627 and on April 30, 2009, the House passed 357 yes votes to 70 no votes. The Senate followed suit and passed an amended version on May 19 with 90 yes votes and 5 no votes. The House passed the amended bill the next day by a vote of 279 to 147 and it was signed into law by President Barack Obama on May 22, 2009.
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