Obama signs Credit Card Accountability, Responsibility and Disclosure Act

Surrounded by members of congress, consumer advocates (including Consumers Union's Ellen Bloom and Pam Banks), President Barack Obama today signed the Credit Card Accountability, Responsibility and Disclosure (CARD) Act. "Just as we demand that credit card users act responsibly, we demand credit card companies act responsibly, too," the President said. Among other things, the new law will make it harder for card issuers to raise interest rates without warning, and will require that statements be mailed out at least 21 days before payment is due. Most of the changes under the law won't go into effect for nine months.

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—Marc Perton