Part One: The Credit CARD Act
On Friday, May 22, 2009, President Obama signed into law the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (the "Credit CARD Act"), effective February 22, 2010, which amends the Truth in Lending Act by establishing new and revised practices and disclosures relating to the extension of consumer credit, and amends the Electronic Fund Transfer Act by establishing new requirements applicable to issuers of gift certificates and prepaid/gift cards. Topics of discussion in part one included:
• Consumer Protection
• Enhanced Consumer Disclosure
• Protection of Young Consumers
• Gift Cards
• Miscellaneous Provisions
Part Two: The proposed Credit Card Fair Fee Act of 2009
On June 4, Judiciary Committee Chairman John Conyers, Jr. (D-Mich.), joined by Congressman Bill Shuster (R-PA), introduced the Credit Card Fair Fee Act of 2009, designated H.R. 2695. On June 9, Senate Majority Whip Richard Durbin (D-Ill.) introduced companion legislation having the same title in the Senate, designated S. 1212. Both H.R. 2695 and S. 1212 would create a limited exemption to U.S. antitrust laws, and thereby permit merchants to collectively negotiate access fees (also known as "merchant discount rates") with covered electronic payment systems and their issuers and acquirers (collectively referred to as "providers"). Discussion in part two focused on the similarities and differences between the House and Senate versions of the bill.
June 24, 2009
12:00pm - 1:00pm EST