The Credit Card Act of 2009: An Effective But Incomplete Solution Evidencing the Need for a Federal Regulator (Credit Card Accountability, Responsibility and Disclosure Act of 2009‪)‬

I. INTRODUCTION Don Cressman, a fifty-three year-old credit card holder, was shocked when his credit card company charged him a $29 over-the-limit-fee. (1) Since he was hurting financially, he carefully monitored his card so that he would not exceed his credit limit. (2) When Don called about his charge, the credit card issuer told him that the interest charge put his balance over his credit limit) Like many cardholders, Don was unaware that credit limit calculations include interest charges. (4) Don is not alone: many Americans have difficulty understanding disclosure in the fine print of credit card agreements. (5)