House Votes to Speed Up Credit Card Reforms: Maloney-Frank bill will implement credit card reforms immediately upon enactment
November 4th, 2009
US: Congress. House of Representatives. Financial Services Committee
“The House of Representatives today overwhelmingly approved legislation sponsored by Reps. Carolyn Maloney (D-NY) and Barney Frank (D-MA) that would push up the effective date of credit card reforms scheduled for next year to immediately upon the signing of the bill. Originally passed by Congress and signed into law by the President last spring, the Credit CARD Act had three staged implementation dates: August 2009, February, 2010, and August, 2010. H.R. 3639 moves up the remaining dates by which banks and credit card issuers would have to comply and applies to the largest card issuers that control over 80% of the credit card market….”
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