While campaigning, Obama promised to make credit card reforms to provide greater consumer protections for Americans, and he came through on this promise. The Credit Card Accountability Responsibility and Disclosure Act – the Credit CARD Act of 2009 – was signed into law on May 22, 2009. Pub.L. 111-24, 123 Stat. 1734. The Credit CARD Act, which went into effect on February 22, 2010, amended the Truth in Lending Act (TILA), Fair Credit Reporting Act (FCRA), Electronic Fund Transfer Act (EFTA), and Omnibus Appropriations Act of 2009.

Credit card reform was long overdue, it was certainly a popular cause for the President to champion. The increased consumer protections under the Credit CARD Act are far-reaching, but still do not go far enough. This is where President Obama directed his influence, instead of at the Chapter 13 cramdown reform legislation discussed in Part 1 of this series.