Expedited CARD Reform for Consumers Act
The Expedited CARD Reform for Consumers Act of 2009 (H.R. 3639), introduced by Representative Carolyn Maloney, would change the date by which banks and credit card issuers would have to comply with the remaining provisions of the Credit CARD Act, a new consumer-friendly legislation signed by President Obama earlier this year. The bill would move up the effective date for credit card reforms from February 22, 2010, to December 1, 2009. The bill would keep the original effective date of February 22, 2010, for prepaid gift cards (which are now all printed and on the way to retailers for the holiday season), and for small credit card issuers with under two million cardholder accounts.