Credit Card Accountability Responsibility and Disclosure Act of 2008

Bill: 110-s-3252
Sponsor: Sen. Dodd, Christopher J. [D-CT]
Introduced: 2008-07-10 in the Senate
Policy area: Finance and Financial Sector
Subjects: Administrative procedure
Commerce
Congressional agencies
Congressional investigations
Consumer credit
Consumer education
Credit cards
Debtor and creditor
Education
Elementary and secondary education
Families
Federal Trade Commission
Fees
Fines (Penalties)
Government Accountability Office (GAO)
Government Operations and Politics
Higher education
Independent regulatory commissions
Interest rates
Law
National Credit Union Administration
Students
Youth

Summary:
action_date: 2008-07-10
text: 
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.


Legislative actions:
action_date: 2008-07-10
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6574-6579)
action_date: 2008-07-10
text: Sponsor introductory remarks on measure. (CR S6572-6574)
action_date: 2008-07-10
text: Introduced in Senate