August 20 – New protections for credit card users take effect today, giving frustrated consumers more advanced warning of significant changes to their accounts. Credit card companies are now required to give consumers 45 days written notice before increasing interest rates or fees. Lenders must also give borrowers 21 days to pay their bills on time before charging a late fee. These new requirements are a part of the Credit Card Bill of Rights, which I supported in the U.S. House of Representatives and was signed into law. Additional protections, including restrictions on rate increases for existing debt and marketing to children, will take effect in February. This law will help bring transparency to accounts, giving consumers the information needed to understand their bills and the ability to make responsible decisions.