When do the credit card protections go into effect?
Posted by Lauren at 05/22/09 04:44 PM

Time line for Credit Card Protection Effective Dates
Here's the whole bill for you to explore.

February 22, 2010:
Most provisions of the credit card bill go into effect.

August 20, 2009:
The following provisions go into effect.
• 45 day notice requirement for rate increases and other significant changes. (Sec. 101)
• 21 day statement mailing requirement. (Sec. 163)

November 18, 2009:
Report on interchange fees. (Sec. 501)

November 22, 2009:
Federal Reserve Board to issue guidelines on the following provisions:
• Establishment of a toll-free credit counseling phone number. (Sec. 201 (c))
• Report to Congress on financial literacy programs. (Sec. 510)

February 16, 2010:
Regulations regarding stored value cards. (Sec. 503)

February 22, 2010:
Federal Reserve Board to issue a final rule on the following provisions:
• Interest rate reduction consideration requirements (Sec. 148)
• Reasonable and proportional penalty fees. (Sec. 149)
• Preventing deceptive ads for credit reports. (Sec. 205)
• Gift card protections. (Sec. 401)
• Board review of small business credit plans and recommendations. (Sec. 506)
• FTC study on emergency PIN technology. (Sec. 508)

May 22, 2010:
Report on English fluency and financial literacy.


August 22, 2010:

The following provisions go into effect:
• Interest rate reduction consideration requirements. (Sec. 148)
• Reasonable and proportional penalty fees. (Sec. 149)
• Gift card protections. (Sec. 401)

December 31, 2010:
Study about marketing products in conjunction with credit card offers. (Sec. 509)

May 22, 2011:
Review and report on consumer credit plans and regulation. (Sec. 502)