In May 2009, President Barack Obama signed the Credit Card Accountability, Responsibility,
and Disclosure Act of 2009 (also called the Credit CARD Act).
The law is considered to provide the most sweeping changes in card
protections for consumers since the Truth in Lending Act of 1968. Some of the new law went into effect in August.

Among the rules that start today, credit card companies have to notify you 45 days in advance of increasing your interest rate, changing fees (which now have caps), or whenever they plan to make any other significant changes to your card agreement. Companies cannot increase the interest rate of a new account for the first year and these increased rates can only apply to new charges. There are a few exceptions to these rules, such as introductory interest rates that expire in less than a year and revert to previously disclosed rates. The Federal Reserve Board has set up a website to help consumers choose a new credit card.

What do you think of these new credit card rules?

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Government should be transparent.  Transparency promotes accountability and provides information for citizens about what their Government is doing.  Information maintained by the Federal Government is a national asset. My Administration will take appropriate action, consistent with law and policy, to disclose information rapidly in forms that the public can readily find and use. Executive departments and agencies should harness new technologies to put information about their operations and decisions online and readily available to the public. Executive departments and agencies should also solicit public feedback to identify information of greatest use to the public.

Government should be participatory. Public engagement enhances the Government’s effectiveness and improves the quality of its decisions. Knowledge is widely dispersed in society, and public officials benefit from having access to that dispersed knowledge. Executive departments and agencies should offer Americans increased opportunities to participate in policymaking and to provide their Government with the benefits of their collective expertise and information. Executive departments and agencies should also solicit public input on how we can increase and improve opportunities for public participation in Government.

Government should be collaborative.  Collaboration actively engages Americans in the work of their Government. Executive departments and agencies should use innovative tools, methods, and systems to cooperateamong themselves, across all levels of Government, and with nonprofit organizations, businesses, and individuals in the private sector.  Executive departments and agencies should solicit public feedback to assess and improve their level of collaboration and to identify new opportunities for cooperation.

I direct the Chief Technology Officer, in coordination with the Director of the Office of Management and Budget (OMB) and the Administrator of General Services, to coordinate the development by appropriate executive departments and agencies, within 120 days, of recommendations for an Open Government Directive, to be issued by the Director of OMB, that instructs executive departments and agencies to take specific actions implementing the principles set forth in this memorandum. The independent agencies should comply with the Open Government Directive.

This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by a party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

This memorandum shall be published in the Federal Register.

BARACK OBAMA

Source: http://www.whitehouse.gov/the_press_office/TransparencyandOpenGovernment

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