CARD Act Coming Into Effect – Making Tricky Bank Fees More Visible

A landmark credit-card law has made billions of dollars in charges more transparent for consumers, which should help lower costs over the long-term, according to a new report released Wednesday.

The report, by nonprofit research group Center for Responsible Lending, examines the impact of new federal credit-card rules on consumers one year after many of the new rules mandated by the Credit Card Accountability Responsibility and Disclosure Act of 2009 have been put in place.

The spotlight on the credit-card rules also comes as the new Consumer Financial Protection Bureau is planning to evaluate the impacts of the CARD Act. The consumer-watchdog agency has announced plans to hold a conference on the issue next week at the Treasury Department.

To recoup lost revenues, banks have rolled out new fees since passage of the CARD Act which limits fees, bans certain rate increases and aims to improve credit-card disclosures.

Credit-Card Law Aids Transparency