PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6574-6579)
Congressional Research Service
Version 00 · Introduced in Senate · Jul 10, 2008
Credit Card Accountability Responsibility and Disclosure Act of 2008, or the Credit CARD Act of 2008 - Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate of interest (APR) pertaining to a credit card account under an open end consumer credit plan.
Imposes a freeze on interest rate terms and fees on canceled cards.
Sets limits on fees and interest charges, including a prohibition against penalties for on-time payments.
Showing the opening paragraphs of the official summary.
Prohibits a creditor from furnishing information to a consumer reporting agency concerning a newly opened credit card account until the credit card has been used or activated by the consumer.
Revises requirements for prompt and fair crediting of card payments.
Prohibits universal default (except in certain circumstances) and unilateral changes to cardholder agreements.
Increases the civil penalty against any creditor who fails to comply with specified requirements in the case of an individual action relating to an open end credit plan that is not secured by real property or a dwelling.
Prescribes procedures for specified federal regulatory agencies to evaluate credit card issuers for compliance with this Act.
Revises: (1) payoff and repayment timing disclosure requirements; and (2) requirements relating to late payment deadlines and penalties.
Prohibits issuance of: (1) a credit card on behalf of a consumer under age 21, unless the consumer has submitted a written application meeting specified requirements; and (2) certain affinity cards to students unless certain requirements have been met.
Amends the Fair Credit Reporting Act to allow underage consumers to elect to be included in certain listings compiled by a consumer reporting agency.
Amends the Federal Trade Commission Act to require all federal banking agencies and the Federal Trade Commission (FTC) to coordinate rulemaking and regulations.
Directs the Comptroller General to study and report to certain congressional committees on: (1) the status of regulations of the federal banking agencies and the National Credit Union Administration (NCUA) regarding unfair and deceptive acts or practices by depository institutions and federal credit unions; and (2) the extent to which interchange fees are required to be disclosed to consumers and merchants, and how such fees are overseen by the federal banking agencies.
Directs the Comptroller General to establish the Credit Card Safety Rating System Commission.
People & committees
Sen. Dodd, Christopher J. [D-CT] · D–CT
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6574-6579)
Sponsor introductory remarks on measure. (CR S6572-6574)
Introduced in Senate
Primary sources
Text links open the official source. We currently store references to these documents.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze S.3252 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine S.3252 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine S.3252 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine S.3252 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.