My Card Account: CARD Act

What are the new federal regulations for the credit card industry?

The new federal law and regulations, also referred as to the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, were signed in May 2009, and will become effective over the next 12 months. The CARD Act sets new standards across the credit card industry, and will impact how all credit card companies do business.

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What changes are included in the new federal regulations?

The CARD Act has many requirements, affecting both credit card issuer practices as well as communications to credit card holders.  Please refer to the following sources for more information on these new federal regulations:

For a summary of the CARD Act prepared by the United States Senate Committee on Banking, Housing, & Urban Affairs, please visit:
http://banking.senate.gov/public/_files/051909_CreditCardSummaryFinalPassage.pdf

For a copy of the complete CARD Act legislation, please visit:
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h627enr.txt.pdf

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When will the new federal regulations go into effect?

The CARD Act has numerous elements which will go into effect at different times with the majority taking effect early next year.

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Which companies are impacted by the new federal regulations?

The CARD Act applies to all consumer credit cards including Discover. All issuers of consumer credit cards will be required to comply with the new regulations.

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Will Discover comply with the new federal regulations?

Discover is already complaint with some aspects of the Card Act. We are committed to being fully compliant with each element of the regulations by the appropriate due dates.  In addition, we will continue to deliver great value to our cardmembers, such as the #1 cash rewards program, award-winning customer service and tools to help them better manage their finances.

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How will my Discover account be affected by the new regulations?

Discover is committed to being fully compliant with the federal law and regulations by the appropriate due dates. We will inform Discover cardmembers of any resulting changes to their account well in advance. Cardmembers should continue to carefully review all account communication sent to them by Discover, including information sent separately from the regular statement.

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