On Thursday, Representative Carolyn Maloney (D-NY) and House Financial Services Committee Chairman Barney Frank (D-MA) announced the introduction of the Expedited CARD Reform for Consumers Act of 2009 (H.R. 3639), which would effectively move up the implementation date of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 to December 1, 2009. The original bill called for the promulgation of new rules to implement the CARD Act by February 21, 2010 and for certain changes related to fees and expiration dates of some prepaid cards such as gift cards to be effective in late August 2010. Representatives Maloney and Frank believe that the credit card companies to which the CARD Act will apply have been raising rates and instituting new fees in advance of the Act's effectiveness and that more aggressive implementation timeline is necessary. However, industry experts have asserted that advancing the compliance deadlines would be nearly impossible for credit card companies to comply with, given the sweeping changes in systems and products that will be necessary for such compliance.