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It is a 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." [1] The bill was passed with bipartisan support by both the House of Representatives and the Senate.
The credit card reform bill, otherwise known as the Credit CARD Act, goes into effect next month (on February 22, to be exact). While there's a lot to be grateful for in this legislation, there ...
The credit card reform law, otherwise known as the CARD Act, goes into effect on the 22nd of this month, and it's going to change a lot of things about the way your credit card issuers treat you.
The law's intent was to set limits on certain fees that credit-card issuers charged their customers and to make it clearer to cardholders what 5 Signs That Credit Card Reform Is Really Working ...
With the Tax Reform Act of 1986, the government stopped allowing a tax deduction for consumers on credit card interest payments, arguing that the deduction encouraged growing consumer debt ...
Plaintiffs allege that Visa, Mastercard, and other major credit card issuers engaged in a conspiracy to fix interchange fees, also known as swipe fees, that are charged to merchants for the privilege of accepting payment cards, at artificially high levels. In their complaint, the plaintiffs also alleged that the defendants unfairly interfere ...
Prior to the Durbin amendment, card swipe fees were previously unregulated and averaged about 44 cents per transaction. [3] Merchants lobbied heavily for a rule to limit debit card swipe fees. [4] They accomplished this when the Durbin amendment passed with the Dodd-Frank financial reform legislation on July 21, 2010. [5]
Jillian Berman, The Huffington Post Even though last year's financial reform was supposed to make credit cards more transparent, consumers are still complaining about interest rates, billing ...