Time line for Credit Card Protection Effective Dates
Here's the whole bill for you to explore.

February 22, 2010:
Most provisions of the credit card bill go into effect.

August 20, 2009:
The following provisions go into effect.
• 45 day notice requirement for rate increases and other significant changes. (Sec. 101)
• 21 day statement mailing requirement. (Sec. 163)

November 18, 2009:
Report on interchange fees. (Sec. 501)

November 22, 2009:
Federal Reserve Board to issue guidelines on the following provisions:
• Establishment of a toll-free credit counseling phone number. (Sec. 201 (c))
• Report to Congress on financial literacy programs. (Sec. 510)

August 22, 2010:
The following provisions go into effect:
• Interest rate reduction consideration requirements. (Sec. 148)
• Reasonable and proportional penalty fees. (Sec. 149)
• Gift card protections. (Sec. 401)

February 16, 2010:
Regulations regarding stored value cards. (Sec. 503)

February 22, 2010:
Federal Reserve Board to issue a final rule on the following provisions:
• Interest rate reduction consideration requirements (Sec. 148)
• Reasonable and proportional penalty fees. (Sec. 149)
• Preventing deceptive ads for credit reports. (Sec. 205)
• Gift card protections. (Sec. 401)
• Board review of small business credit plans and recommendations. (Sec. 506)
• FTC study on emergency PIN technology. (Sec. 508)

May 22, 2010:
Report on English fluency and financial literacy.

December 31, 2010:
Study about marketing products in conjunction with credit card offers. (Sec. 509)

May 22, 2011:
Review and report on consumer credit plans and regulation. (Sec. 502)

comments (7)

Comments

1 Posted by Marty Dark at 05/28/09 11:04 AM

I joined into this to reform credit and now it looks like I am going to be paying for it. I do not carry a balance and pay it off each month.
I have no annual fees on any of the three cards I have. Now this may all change for me, a responsible credit card carrier.
As usual, the people who are conscientious in all of the daily actions wind up paying for the ones who are not.

2 Posted by J Jones at 05/28/09 03:10 PM

with all due respect Marty the credit card card companies dont care if you are conciencious or not. Perhaps you havent heard the news but rate hikes, credit reduction, hidden fees, late fees, atm fees,and other measures used to rob the wallets of the "unconciencious" were now being applied to all credit card customers regardless of their track record. Without this legislation you would have no protections at all from such activites. If you have been anouced a rate hike by your credit company in advance(as I have despite having no late payments) it is more welcome than the alternative, suddenly being hit with astronmical fees or rate hikes from out of no where!

3 Posted by Tomas at 05/28/09 04:50 PM

This law will improve some of the concerns regarding the credit card industry abuses that have been going on for years. But as always, is full of holes and by the time the law has to be complied with, the 6 banks (credit card companies) that control the industry will have position their portfolio in a position that will allow them to keeep taking advantage of the consumer (legally).
by the time the law goes into effect, the banks will have lower the limits on credit card lines, raise interest rates to the 18%'s, forcing good customers and marginally (for years) good customers to turned in their credit cards, via minimun payments increases,interest rate hikes, or forced cancellations. The reason they can get away with it is becasue most of these consumers have outstanding debt which they are paying religiously every month. So if you have debt oustanding these are the options they offer: cancel the card and pay the old rate (until you make a mistake)or you pay the 25% to 30 % interest or don't pay and will ruin your credit for 7 years. i would rather probably take the loan shark option: i'll break your arm but you keep your credit.
i have plenty of credit cards which i pay on time. and i know what i signed when i entered into the "contract". what i'm not prepare for is to every month have to call the companies to fight:

1. We have to changed the terms because you don't use your card enough (or the manner they want you to use it). 2. You only make the minimum payment(on time)every month.
3. Your credit report shows (some activity) never mind that i'm always looking for a better deal, etc etc. GOD forbid that you pay late.

i can't describe the responses that i have recieved when contacting the customer service departments of these banks or companys services. it makes me doubt myself if i'm sane.

nowadays does not make any different whether you are an informed consumer of a dumb one. The moment you make a mistake with all these "binding contracts" that only binds the consumer, you are screwed.

And these things happen under the umbrella of at least 10 different federal consumer protection agencies and probably 100's state agencies.

The first item on the bill should read:

This law is retroactive to January 1st, 2009

4 Posted by Tara at 05/28/09 05:16 PM

Yeah, I'm with J Jones. I don't see where this is a bad thing for anyone. My mom just got a notice of a hike to one of her cards she's had for a long while and she's never late. She has a large balance and theyr'e going to charge the newly doubled rate to her existing balance. With the new law, they wouldn't have been able to do this.

5 Posted by Kathleen Cullen at 05/29/09 10:45 AM

I have a credit score of over 800 and been a credit card user for over 40 years. I am fanatical about paying my credit card bills on time and more than the minimum payment. My income is about $1000/mo. because, after working since I was 16 years old, I am now ruluctantly on Social Security Disability so I have to resort to credit cards for medications, very large dentist bills, etc. In April I received a letter from Chase Bank stating that I hadn't paid that month's bill. The only reason I can possibly think of is that I didn't receive it. I immediately paid the minimum due that day, but they raised my interest rate to 29.99% plus a $39 penalty. I have been having an ongoing battle with the company all month both by phone and letters to Gordon Smith, the CEO. It has, of course gotten me nowhere. I have withdrew money from my small retirement investments at a bad economic time in order to pay off the balance but I refuse to pay the $212 finance charge, which I consider usury, and the $39 penalty.
I'm glad that the government is doing something about Credit Cards, but I'm afraid the proposed dates are not soon enough. Totally frustrated!

6 Posted by Sondra Crabtree at 05/29/09 03:37 PM

By the time this goes into effect the banks will all have raised their rates so it will not affect them anyway. I thought the whole idea of supporting this bill was to get control sooner (and I did not expect a few months). Bills can go into effect the day the President signs them. Why not this one?

7 Posted by Dan at 05/29/09 07:14 PM

Marty Dark has a good point, but the issue is that people made decisions to carry a balance at a certain rate, and then the rate was jacked up on that existing balance. Just like the local corner shark would do.

This practice is actually legal, and there is no limit to the interest rate that they can charge you. We now have to wait 9 more months for the credit cards to finish taking people to the cleaners before the law goes into effect.