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

May 24, 2019 Newsletter
Dear Friend, First, I would like to wish you and your families a Happy Memorial Day as we honor all those who made the ultimate sacrifice to defend this country. Second, I would like to announce that that I've been working with Rep. Alexandria Ocasio-Cortez (D-NY) and the House Committee on Oversight and Reform to host a hearing on the 2020 Census here in NYC. It will take place this Tuesday, May 28 at 2pm at LaGuardia Community College's The Little Theater. If you can't join us, live stream here. I also want to give you a run down on what I was up to in Washington, DC this week.
May 21, 2019 Press Release
WASHINGTON, DC – Ahead of tomorrow’s 10 year anniversary of the signing of the 2009 Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act), Congresswoman Carolyn B. Maloney (D-NY), author of the bill and Chair of the House Financial Services Subcommittee Investor Protection, Entrepreneurship, and Capital Markets, marked the occasion with various consumer groups including Americans for Financial Reform (AFR), USPIRG, Center for Responsible Lending, and Consumer Federation of America.
May 22, 2018 Newsletter

Rep. Maloney at the signing ceremony for the CARD Act with President Obama on May 22, 2009.

Dear Friend,

May 3, 2018 Newsletter

Dear Friend,

Today, not surprisingly, there are more controversies flying out of the Trump White House over the Russia investigation. And while I’m appalled by this news and working to hold this Administration accountable for its abuses, I believe we can’t ignore the damage being done by the President to essential consumer protections that we put in place after the 2008 financial crisis.

Sep 23, 2008 Press Release

Washington, DC, Sept. 23—In an historic action, the U.S. House acted to regulate practices in the credit card industry for the first time today by passing H.R. 5244, the Credit Cardholders’ Bill of Rights, sponsored by Reps. Carolyn Maloney (D-NY) and Barney Frank (D-MA). It passed the House by a vote of 312 to 112.

Feb 6, 2008 Press Release

WASHINGTON, DC – House Financial Institutions and Consumer Credit Subcommittee Chairwoman Carolyn B. Maloney (D-NY) today introduced the “Credit Cardholders’ Bill of Rights Act of 2008” (H.R. 5244), comprehensive credit card reform legislation aimed at leveling the playing field between credit card companies and consumers.  The balanced bill abolishes major industry abuses that unfairly hurt consumers while fostering fair competition and free market values.