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United States · Bill · S

S. 414 (111th)

Credit CARD Act of 2009

openUnited States· United States Congress· EN

Introduced

11 February 2009

Last action

4 May 2009 · Committee

Status

By Senator Dodd from Committee on Banking, Housing, and Urban Affairs filed written report. Report No. 111-16.

Sponsors

Sen. Dodd, Christopher J. [D-CT], Sen. Levin, Carl [D-MI], Sen. Menendez, Robert [D-NJ], Sen. Reed, Jack [D-RI], Sen. Akaka, Daniel K. [D-HI], Sen. Schumer, Charles E. [D-NY], Sen. Tester, Jon [D-MT], Sen. Brown, Sherrod [D-OH], Sen. Merkley, Jeff [D-OR], Sen. Kerry, John F. [D-MA], Sen. Leahy, Patrick J. [D-VT], Sen. Durbin, Richard J. [D-IL], Sen. Harkin, Tom [D-IA], Sen. McCaskill, Claire [D-MO], Sen. Whitehouse, Sheldon [D-RI], Sen. Casey, Robert P., Jr. [D-PA], Sen. Kohl, Herb [D-WI], Sen. Sanders, Bernard [I-VT], Sen. Lautenberg, Frank R. [D-NJ], Sen. Udall, Mark [D-CO], Sen. Begich, Mark [D-AK], Sen. Gillibrand, Kirsten E. [D-NY]

Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Credit Card Accountability Responsibility and Disclosure Act of 2009 or the Credit CARD Act of 2009 - Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate of interest (APR) pertaining to a credit card account under an open end consumer credit plan. Imposes a freeze on interest rate terms and fees on canceled cards. Sets limits on fees and interest charges, including a prohibition against penalties for on-time payments. Prohibits a creditor from furnishing information to a consumer reporting agency concerning a newly opened credit card account until the credit card has been used or activated by the consumer. Revises requirements for prompt and fair crediting of card payments. Prohibits universal default (except in certain circumstances) and unilateral changes to cardholder agreements. Increases the civil penalty against any creditor who fails to comply with specified requirements in the case of an individual action relating to an open end credit plan that is not secured by real property or a dwelling. Requires specified federal regulatory agencies to evaluate the policies and procedures used by credit card issuers for compliance with this Act. Revises: (1) payoff and repayment timing disclosure requirements; and (2) requirements relating to late payment deadlines and penalties. Prohibits issuance of: (1) a credit card on behalf of a consumer under age 21, unless the consumer has submitted a written application meeting specified requirements; and (2) certain affinity cards to students unless certain requirements have been met. Amends the Fair Credit Reporting Act to allow underage consumers to elect to be included in certain listings compiled by a consumer reporting agency. Amends the Federal Trade Commission Act to require all federal banking agencies and the Federal Trade Commission (FTC) to coordinate rulemaking and regulations. Directs the Comptroller General to study and report to certain congressional committees on: (1) the status of regulations of the federal banking agencies and the National Credit Union Administration (NCUA) regarding unfair and deceptive acts or practices by depository institutions and federal credit unions; and (2) the extent to which interchange fees are required to be disclosed to consumers and merchants, and how such fees are overseen by the federal banking agencies. Directs the Comptroller General to establish the Credit Card Safety Rating System Commission.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 11 February 2009

    Introduced

    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

  2. 11 February 2009

    Introduced

    Sponsor introductory remarks on measure. (CR S2149-2150)

    Source: IntroReferral

  3. 11 February 2009

    Introduced

    Introduced in Senate

    Source: IntroReferral

  4. 31 March 2009

    Reported

    Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with amendments favorably.

    Source: Committee

  5. 29 April 2009

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 54.

    Source: Calendars

  6. 29 April 2009

    Reported

    Committee on Banking, Housing, and Urban Affairs. Reported by Senator Dodd with an amendment in the nature of a substitute. Without written report.

    Source: Committee

  7. 29 April 2009

    Reported

    Committee on Banking, Housing, and Urban Affairs. Reported by Senator Dodd with an amendment in the nature of a substitute. Without written report.

    Source: Committee

  8. 4 May 2009

    Floor

    By Senator Dodd from Committee on Banking, Housing, and Urban Affairs filed written report. Report No. 111-16.

    Source: Floor

  9. 4 May 2009

    Committee

    By Senator Dodd from Committee on Banking, Housing, and Urban Affairs filed written report. Report No. 111-16.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

6 official files

Reported to Senate (text)

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  • Reported to Senate (text)

    Reported to Senate · EN · 29 April 2009

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  • Reported to Senate (PDF)

    Reported to Senate · EN · 29 April 2009

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  • Reported to Senate with amendment(s)

    summary · EN · 29 April 2009

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 11 February 2009

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 11 February 2009

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  • Introduced in Senate

    summary · EN · 11 February 2009

    Open at official source

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Sponsors

Related records

Sources

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