banks

The Attorney General of the State of Connecticut is asking the Federal Reserve to roll back fees placed on consumers since the passage of the Credit Card Accountability, Responsibility and Disclosure Act (CARD Act).

Since this credit card reform legislation passed in May 2009, some consumers have seen their interest rates and fees on their credit accounts. Read More

The federal General Accounting Office has issued a report on the interchange fee controversy, reporting that the fees have harmed merchants but may face challenges to fix. Read More

The signature of President Barack Obama on a sweeping credit card reform bill marked the end of a long road. 

Credit card reform is not a new topic. Rep. Carolyn Maloney (D-N.Y.) put forward a similar bill several years ago that passed the House of Representatives.  This year, her Credit Cardholders Bill of Rights Act of 2009 was joined in the Senate by the CARD Act. Read More