NASE Blogs

New Credit Card Law Missing Micro-Biz Protections

May 29, 2009

Posted by Kristin Oberlander - The Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 (H.R. 627/S. 414), a bill designed to protect consumers from unsavory practices employed by credit card companies, was recently signed into law by President Barack Obama. The NASE was disappointed to see that an important amendment introduced by Senate Small Business Committee leadership, Senators Landrieu (D-La.) and Snowe (R-Maine), failed to pass. The amendment would have extended these protections to the business credit cards of firms with 50 or fewer employees. However, we still applaud the efforts of Congress and the Administration to increase transparency and consumer protections relating to these popular financing tools.

Click here for a fact sheet on the credit card reform law, or tune into YouTube to see President Obama explain the details of the new bill.

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