As this article from late last week explains, a new study of the effects of the 2009 Credit Card Accountability Responsibility and Disclosure (CARD) Act finds that the Act is saving consumers more than $20 billion dollars a year by placing limits on certain credit card company practices that could lead to surprise fees for consumers.
The article concludes:
[F]or now, at least, this is a clear case of regulation that worked.
Given all the hostility in Washington — to regulation in general and to
the Consumer Financial Protection Bureau, whose rules enforce the Card
Act, in particular — that is a very refreshing development.
The study was conducted by researchers at the business schools of the University of Chicago and of NYU, the National University of Singapore, and the Office of the Comptroller of the Currency.
