Yesterday, President Obama signed into law H.R. 627, the Credit Card Accountability Responsibility and Disclosure Act of 2009 or the Credit CARD Act of 2009, which amends the Truth in Lending Act by establishing new and revised fair and transparent practices relating to the extension of consumer credit. The new legislation, passed by the Senate on Tuesday and approved by the House on Wednesday, had been extensively debated in Congress over the past several months and involved the combination of credit card reform legislation separately introduced in both houses of Congress, as well as a specific request by President Obama for Congress to take final action to pass a credit card reform bill that “protects American consumers” by the Memorial Day holiday. The bill will take effect in February 2010.