.....................The legislation, known as the Credit Card Accountability, Responsibility, and Disclosure Act of 2009, .............. will take effect in February, but portions of it are set to come into play in the coming weeks.
But while advocates say the legislation does offer consumers some protection, it has led banks to get creative in finding new revenue streams to replace those put in jeopardy.
“The issuers are finding new ways to secure income before the February deadline when their hands will be somewhat tied,” said Gail Cunningham, Vice President of Public Relations at the National Foundation for Credit Counseling. Cunningham compared the legislation to a boardwalk game of “Whac-A-Mole,” where a new furry critter pops up each time you smack one back into its hole....................
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