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WASHINGTON – The U.S. Department of the Treasury today released the following statement from Secretary Tim Geithner on the implementation of the new rules under the Credit Card Accountability, Responsibility, and Disclosure Act signed into law by President Obama last spring:
With today's implementation of new rules, we are taking a critical step forward in our effort to protect American families by prohibiting the use of unfair retroactive rate hikes and late fee and over-limit fee traps by credit card companies.
Thanks to the leadership of President Obama, who signed the Credit Card Accountability, Responsibility, and Disclosure Act into law last spring, families will finally have clear, fair rules of the road that will help them understand what they are getting into when they sign up for a card and how much they pay to use it.
We continue to work on strengthening consumer protections and disclosure for a wide array of financial products.
As we work with Congress on broader reform to make our financial system safer and more stable, we are also working to consolidate the fragmented authority of seven separate agencies into a single, independent and accountable Consumer Financial Protection Agency.
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