Reporter's notebook: CARD Act hasn't delivered on its hopes
18.05.12
BIRMINGHAM, Alabama -- Last week marked the two-year anniversary of a law aimed at curbing escalating credit card rates and unfair card practices -- the Card Accountability, Responsibility Disclosure Act , better known as the CARD Act.
On Feb. 22, 2010, the new federal rules required credit card issuers to give consumers 45 days notice before they could raise their interest rates, and generally prohibited issuers from being able to increase interest rates within the first year after a new account had been opened (unless payments more than 60 days late).
Source: The Birmingham News - al.com (blog)