GovTrack’s Bill Summary
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Credit Card Accountability Responsibility and Disclosure Act of 2008, or the Credit CARD Act of 2008 - 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.
Prescribes procedures for specified federal regulatory agencies to evaluate 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.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.