Congress adopts significant changes to the regulation of credit cards and stored value products

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.