Selected Banking Laws Flashcards
1
Q
Established fair and transparent practices relating to the extention of credit card under an open-ended consumer credit plan and other purpose
A
Credit CARD Act of 2009
2
Q
Credit CARD Act of 2009 major parts
A
-Retroactive rate increases
-Advance notice of rate hikes
-Fee restrictions
-Protects consumer younger than 21 yrs old
-Ends double-cycle billing
-Fairer payment allocation
-More time to pay
-Safeguards for gift cards
3
Q
The law was passed in response to financial crises that began in 2007
A
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
