On May 22, 2009, President Barack Obama signed into law the Credit Card Accountability Responsibility and Disclosure Act of 2009. This act fundamentally changes aspects of the law regarding credit and gift cards. The new law enhances consumer protections and disclosures, restricts card solicitation directed to young customers, and limits fees associated with gift cards.
Although many of the key provisions of the law do not become effective until February 2010, several provisions require card issuers to change their practices as early as August 20, 2009.
Foley provided a detailed online discussion of the new law, including the specifics on short-term practice changes. We also addressed the Federal Reserve’s new card regulations and current case law of interest to the credit card industry.
The program was conducted by Foley Partners Michael Lueder and Martin Bishop, and Associate Thomas Mikrut, all members of the firm’s Consumer Financial Services Litigation Practice. Together, they provided details on the law and its implementation and answered questions on the new laws and regulations and cases affecting the credit card industry.
For more information, please contact John Vicars at [email protected] or 312.832.5122.