On May 20, 2009, the House of Representatives passed H.R. 627, the Credit Card Accountability Responsibility and Disclosure Act of 2009 (the Act) by a vote of 361 to 64. The Senate passed the bill on the previous day by a vote of 90 to 5. President Obama, who had called for the legislation by Memorial Day, is expected to sign the legislation in the near future.
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Congress adopts significant changes to the regulation of credit cards and stored value products
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