The Credit CARD (Card Accountability Responsibility and Disclosure) Act of 2009 was passed to ________.

Question

Quizplus · Accepted Answer

The Credit CARD Act of 2009 was passed to increase the regulation of credit card issuers, by mandating clearer disclosure of terms and fees, limiting interest rate hikes, and restricting certain fees and marketing to young adults. It did not aim to reduce late fee notice periods or enhance the ability of card issuers to use risk-based pricing.