On May 22, 2009, HR 627, or the Credit Card Accountability, Responsibility and Disclosure Act of 2009 became law (P.L. 111-24) after it passed through both the Senate and the House of Representatives, and was signed by the President. 

This legislation will do many things to protect our consumers, but it aims to prohibit or limit a number of card issuer billing practices that are substantively unfair or that consumers rarely know about even if disclosed.  This legislation will limit time between the rises in APR, and increases the information available to the public from the companies. It restricts unfair interest rates and requires a large window of notice when the company plans to raise interest, or change plans. It also restricts companies from knowingly issuing cards to those under 18 or college students without a certain form of assurance.  The bill calls for the inclusion of the Federal Reserve Board and congressional committees to insure that these standards are being followed and help with the equity of the companies.  In addition, it seeks to establish the provision of sufficient services, such as credit card advising, including an accessible website and phone number that would include a copy of the contract signed.  I am proud to have supported this legislation.  At a time when the average American family is still struggling to make ends meet, it is our responsibility to protect our families and limit credit card company abuse.

Under the Act, the Federal Trade Commission will continue to remove telephone numbers that have been disconnected and reassigned to other customers. Consumers can delete their telephone numbers from the registry at any time by calling 1-888-382-1222 (TTY 1-866-290-4236) – the call must be made from the telephone number they wish to delete.