consumer protection / consumer rights / credit cards

Another example of the value of government regulation: The Card Act of 2009

Beside the obvious everyday advantages of vehicle safety regulations like requiring seat belts and air bags in vehicles, many federal laws protect consumer privacy and financial transactions.

“May 22 is the 10th anniversary of the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009. The game-changing CARD Act, which was passed by Congress during the Obama Administration and has since been enforced by the Consumer Financial Protection Bureau, has saved consumers billions of dollars in credit card fees and predatory “penalty rates,” despite industry predictions that it would kill the credit card market. Sadly, nearly half (47%) of consumers surveyed by CompareCards, a Lending Tree company, said they’d never heard of the CARD Act. Now’s your chance to learn more about what the CARD Act has done (and continues to do) to protect consumers like you.” source: Consumer Action Insider.

Here’s a reminder about how banks and credit card companies used to take advantage of consumers and how the world changed for the better 10 years ago.

What the Credit CARD Act of 2009 Means for You

You might not know it, but the Credit CARD Act of 2009 changed your life in a powerful way.

By Beverly Harzog , Credit Card Expert |Feb. 20, 2019,
Source: Financial Planning for Women