CARD Act: Navigating the Complex New Rules for Credit Card Lending

October 13, 2009

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) requires profound changes for the credit card industry. The Act restricts interest rate increases, application of payments, and other common practices like universal default and double-cycle billing.

The CARD Act provisions are broader and stronger than regulations adopted by the Federal Reserve last year. Further, while the Federal Reserve's regulations didn't go into effect until summer 2010, some of the major CARD provisions are effective as soon as February 2010.

Practitioners representing banks and other credit card issuers must have a thorough understanding of these sweeping changes to the credit card industry practices as they guide clients in the rebuilding of their existing credit card models.

Listen as our panel of attorneys discusses this dramatic overhaul of the credit card industry and best practices to comply with these changes now.

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