New credit card rules may reveal unwelcome details
August 21, 2009 by EILEEN AJ CONNELLY, AP
What's wrong with holding Congress to these standards as well?
Many elements of the Credit Card Accountability Responsibility and Disclosure (CARD) Act were actually echoes of regulations the Federal Reserve crafted last year that will take effect in July, noted Gene Truono managing Director with BDO Consulting, who previously worked for both Chase cards and American Express.
The aim of all the new rules is to make credit card contracts easier for consumers to understand. Previously, the disclosures on most credit card contracts were "not comprehensible to the average consumer," he said.
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