House committee approves bill to speed up credit card reforms
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PrintThe U.S. House of Representatives Financial Services Committee unanimously passed a bill to bring forward the date of the remaining credit card reform provisions. This bill changes the date by which banks and credit card issuers would have to comply with the provisions of the Credit Card Act signed into law last May.
The new consumer-friendly legislation's provisions go into effect in February and August 2010. This new bill would result in most of the provisions going into effect on December 1, 2009.
The bill now moves to the floor of the House for consideration.
The committee voted to 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 2 million card holder accounts. The six largest card issuers control over 80% of the credit card market.
