Consumers to Benefit from Fed?s Sweeping New Credit Card Rules

WASHINGTON – The Federal Reserve today released sweeping new rules to empower consumers as part of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009.

“These rules – the most comprehensive ever seen – herald a new era for America’s credit card customers,” said Kenneth J. Clayton, Senior Vice President and General Counsel for ABA Card Policy  “Many practices that frustrated customers have been eliminated, and credit card users will now benefit from greater control and clearer terms for their accounts.”