S. 414, The Credit Card Accountability Responsibility and Disclosure Act of 2009 (13 comments ↓ | 5 wiki edits: view article ↓)

  • This bill has been mooted by the passage of another bill on the same subject or by other events. Check 'Related Bills' below to see if other bills on this subject have been passed into law. Mooted: 5/22/2009.
  • This item is from the 111th Congress (2009-2010) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
  • This bill, or a similar bill, was reintroduced in the current Congress as S. 1455, The Recovery Enhancement for Addiction Treatment Act.

S. 414 would amend the Consumer Credit Protection Act, to ban abusive credit practices, enhance consumer disclosures, protect underage consumers.

(

Visitor Comments Comments Feed for This Bill

Mother Jones

April 1, 2009, 1:16pm (report abuse)

Why would anyone be against this bill unless they are in cahoots with the credit card companies?


(logged-in user) April 25, 2009, 4:18pm (report abuse)

I read parts of this and seems great. The creditors can no longer sell your account to one another and up our interest. Out friging standing. They have to be very clear with everything they do including letting us know how long it will take to pay off the card. But this is a large bill and I may have missed or not understood what happens when an account is closed. What I'd like is the account to freeze when closed and be more like a loan. So if an account is closed we'd get a set amount to repay. Otherwise the interest will keep an account outstanding and never allow us to repay or pay it off. I hope this is in there or put in there. I'd also like a part that says I can beat my creditor with a stick for all the crap they gave me, just a suggestion.

Jake Y.

May 5, 2009, 3:53am (report abuse)

Impulse buyers are well served with learning restraint. Spend only on your immediate needs, not wants, and do something that will contribute to your future. Personal loans can help with temporary expenses when you're trying to repair your credit. If you're trying to repair your credit, not getting into the habit of taking on any more debt is good, as an effort to repair your credit involves getting your debts paid off.


May 5, 2009, 2:27pm (report abuse)

I can appreciate wanting to decrease fees and make more consumer friendly decisions; however At times the senators do not read or do their homework before signing a bill, but just sign it anyway due so it will help them get re-elected. This bill will cost us 1.4 billion dollars, and the prepaid card amendment will hurt us by effectively making prepaid cards go away. Language added to S. 414 threatens network branded prepaid cards. These cards, which carry the network brands, are some of the fastest growing segments of the prepaid category. S. 414 restricts organizations involved in delivering network branded prepaid cards from charging fees and lengthens expiration dates in a manner that is virtually impossible to implement and would trigger great expense to merchants. The bill also restricts fees by requiring that all fees be charged “upfront,” the Schumer amendment will either increase the cost or would make the cards so costly that the market for them would no longer exist.


(logged-in user) May 12, 2009, 2:04pm (report abuse)

As I said , I didn't read or understand the entire bill. I am saying something needs to be done. These companies are no more then scam artist backed by law. Solely haveing a law say you can, doesn't make it right. Loan sharking was outlawed only to have these people take it's place. The things they do just aren't right, and the lengths they go aren't justified. Here's a personal example. I've been paying above the minimum, on a maxed card with a $3500 limit on it. The bill comes in for $50 and I pay $100. Let's skip ahead 7 years and It's gotten $8400 towards it, but the bill still says $1900 outstanding. So I've more than doubled what I've used and they still want more, and I rounded what I payed. I usually pay more. Now that I refuse to pay anymore they can make me look like a dead beat for doubling their investment. Oh and this isn't the company I signed up with either. These guys aquired my account from a differant company and jacked up my interest.


May 20, 2009, 4:59pm (report abuse)

Clearly, I can see how this will benefit many Americans. And frankly, even though I'm not a big credit card user, I will probably benefit to some extent as well. However, what I don't like is the continued meddling of government into private business. Do they really think there will be no reaction by card companies to this act? Chances seem pretty good that rates will rise and it will be more difficult to get credit. Card companies have been changing card rates due to the rise of defaults on current cards. That money has to be made up somewhere. I'll be very interested to see what happens from here. Bottom-line, Obama needs to get out of being the CEO of every company across the country.


May 22, 2009, 4:59pm (report abuse)

In response to Truth -- You stated you have a maxed card at $3500.00 the minimum payment being $50 and you pay $100? That's not going to make a dent! You need to start sending hundreds of dollars more each month or you will never pay it off. Doubling the minimum payment won't even cover the interest! Of which you interest is likely been raised due to a missed payment, etc. You need to pay as much as you can afford each month. If you cannot afford to pay off your debt quickly, then you should not have charged more then you can afford.

Consequences II

May 22, 2009, 5:03pm (report abuse)

What this bill will do to the Credit companies is force them to stop issuing credit to people with bad credit! The Credit companies were just as bad as the Mortgage companies in giving out credit to high risk individuals because they can make money on the high interest or sell the debt to another company. Now that their penalties, fees, and high interest rates will be restricted by the government they have to return to the old ways of lending. i.e. only lend to low risk consumers with excellent credit ratings.

Elgog Partynipple

May 23, 2009, 1:39pm (report abuse)

Consequenses II, I find it interesting that you say "People with bad credit". I don't know if you realzie this, but your credit rating is based mostly on input from the credit industry and they are gaming the system. When they reduce your credit limit, as they ahve for almost everyone, then your % credit used goes up and your score goes down. Sounds suspicously like a conspiricy doesn't it? You are not in control of your credit score, the credit industry is. And they can make it what ever they want and charge you accordingly. That's just not fair.


May 24, 2009, 9:39am (report abuse)

10 years ago I got rid of all my "Bank" CC and replaced them with 1 Credit Union CC. I have not experenced any of the problems I've heard about Bank CC cards.


May 24, 2009, 9:41am (report abuse)

To an extent I agree with Truth. This bill is not perfect. However, it does appear to put more control in the hands of the user. It's up to them to manage their money.

Credit Card Website

June 9, 2010, 5:14pm (report abuse)

Credit Card Website

A credit card is a small plastic card issued to

users of a system of payment. It allows its holder

to buy goods and services based on the holder's

promise to pay for these goods and services. The

issuer of the card grants a line of credit to the

consumer (or the user) from which the user can

borrow money for payment to a merchant or as a

cash advance to the user. Usage of the term

"credit card" to imply a credit card account is a



June 15, 2010, 12:22pm (report abuse)

Yellow Credit Card

RSS Feeds for This Bill

Keep yourself updated on user contributions and debates about this bill! (Learn more about RSS.)