Credit Card Accountability Responsibility and Disclosure Act of 2009 | |
2009-2010 |
Track H.R. 627 This feed includes all major activity on this bill and its amendments, references in the Congressional Record, and relevant upcoming committee meetings.
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 Primary Source See |
To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes.
Overview
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Question & Answer 
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See 44 more questions posed on this topic or submit your own question on the Q&A page.
Jul 7, 2010 9:00 PM - If you are more than 60 days late with your payment during the first year you have a card and receive a penalty rate, your lower APR must be returned to the account if you make on time payments of at least the minimum monthly payment for the following six months. Is this also true after the first year? -
Answer it! Jul 23, 2010 1:01 PM - The new law provides that if the interest rate is raised by a credit card company because of late payment, it must be returned to the former rate after 6 months of on time payments. If my rate was increased in 2009 for late payment (2 days), does the credit card company have to reduce the rate to the original one 6 months after the law went into effect, assuming 6 months of on time payments since Fedruary? -
Answer it!
and 44 more questions.
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Subject Areas
Sources of Influence
MAPLight.org reports that the following organizations have taken a stance on this bill:
| Support | Oppose |
|---|---|
Public Citizen Consumers Union Consumer Federation of America National Small Business Association U.S. Public Interest Research Groups Demos Center for Responsible Lending Consumer Action National Association of Consumer Advocates Association of Community Organizations for Reform Now Americans for Fairness in Lending National Training and Information Center National Consumer Law Center | Independent Community Bankers of America American Bankers Association Credit Union National Association |
Follow the link to MAPLight.org to see if campaign contributions from employees of these organizations are correlated with how Members of Congress voted on this bill.