Credit Cardholder's Bill of Rights


On May 22, 2009, President Barack Obama signed into law landmark credit card reform legislation that Congresswoman Maloney authored.  This legislation, Public Law 111-24, ended the most abusive practices of the credit card industry and leveled the playing field between cardholders and credit card companies.

Her work on the Credit Cardholders’ Bill of Rights started in 2007, when she convened the major credit card companies and consumer groups for a roundtable discussion on how to provide better consumer protections.  Following this roundtable, she released a series of gold-standard principles that formed the foundation for this legislation.  Over the next two years, seven hearings were held in the Financial Institutions and Consumer Credit Subcommittee that Congresswoman Maloney chaired in the 110th Congress.

The Credit Cardholders’ Bill of Rights first passed the House of Representatives in September of 2008, but was not considered in the Senate before the close of the 110th Congress.  In 2009, at the beginning of the 111th Congress, the Congresswoman reintroduced this legislation along with Chairman Barney Frank and the new Chairman of the Financial Institutions and Consumer Credit Subcommittee, Luis Gutierrez. 

On April 30, 2009, the House passed this legislation with an overwhelming bipartisan vote of 357-70.  The Senate took up the bill and passed it, with amendments, by a vote of 90-5 on May 19, 2009.  The following day, the House of Representatives agreed with the amendments added by the Senate and sent the bill to the President.


Studies on the CARD ACT:

Findings from the first official CFPB report on the impacts of the CARD Act, from October, 2013, suggested the regulations have saved credit card holders billions of dollars and improved the consumer experience.

A study by the Government Accountability Office from February, 2014, suggested the CARD Act has led credit card companies to significantly curtail their marketing of credit cards to college students.

A study from August, 2014, estimated that the provisions in the CARD Act saved consumers $11.9 billion per year. See a summary of the study here and the full study here.

A study by the CFPB from December, 2015, showed the CARD Act  has increased access to credit, lowered costs, and saved  consumers $16 billion.

More on Credit Cardholder's Bill of Rights

Jun 24, 2021 In The News

Rep. Carolyn Maloney, D-NY, said Wednesday she plans to introduce her Overdraft Protection Act next week. She has introduced the bill in every Congress since 2009, but has yet to see it pass. 

This session will be different, the congresswoman said, adding she is confident her bill, which would force more transparency on predatory overdraft practices, will make it to President Joe Biden’s desk.

May 20, 2019 In The News
Ten years ago, on May 22, 2009, credit card customers got some needed relief when the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) became law. Since then, the law has saved consumers an estimated $12 billion a year, which translates into well over $100 billion in total savings over the past decade. As the New York Times reported, the CARD Act proved so effective that it led economists studying the law to a single conclusion: “The regulation worked.”