CARD Act: Navigating the Complex New Rules for Credit Card Lending

Meeting Regulatory Demands for Disclosure, Notice, Billing and Interest Rates

Recording of a 90-minute CLE webinar with Q&A


Conducted on Tuesday, October 13, 2009
Recorded event now available


This seminar will review the full spectrum of changes for credit card issuers under the newly passed CARD Act, which escalates and increases the new Federal Reserve regulations on credit card practices. The panel will outline best practices to comply for financial institutions and their counsel.

Description

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) requires profound changes for the credit card industry. The Act restricts interest rate increases, application of payments, and other common practices like universal default and double-cycle billing.

The CARD Act provisions are broader and stronger than regulations adopted by the Federal Reserve last year. Further, while the Federal Reserve's regulations didn't go into effect until summer 2010, some of the major CARD provisions are effective as soon as February 2010.

Practitioners representing banks and other credit card issuers must have a thorough understanding of these sweeping changes to the credit card industry practices as they guide clients in the rebuilding of their existing credit card models.

Listen as our panel of attorneys discusses this dramatic overhaul of the credit card industry and best practices to comply with these changes now.

Outline

  1. Overview of CARD provisions
    1. Financial institutions affected
    2. Prohibited practices
    3. Interplay between CARD Act and Federal Reserve regulations
  2. Best practices for compliance

Benefits

The panel will review these and other key questions:

  • What is the immediate impact of the CARD Act for banks and other credit card issuers?
  • How are the CARD Act and the Federal Reserve regulations changing permissible practices in credit card lending?
  • How do the CARD Act provisions alter—or work with—the Federal Reserve’s credit card regulations?

Faculty

Beth S. DeSimone, Counsel
Arnold & Porter, Washington, D.C.

She structures and negotiates mergers and acquisitions and investments of financial services companies. She specializes in establishing new financial institutions and nonbank subsidiaries. She assists in structuring and resolving issues with new card products, including international remittance cards, payroll cards, government benefit cards, health savings account cards, and gift cards.

Michael B. Mierzewski, Partner
Arnold & Porter, Washington, D.C.

He concentrates his practice on financial institutions and corporate and securities law. In addition to bank merger and acquisition counseling, he routinely counsels clients on fair lending, Community Reinvestment Act, payment systems, enforcement, and general regulatory issues. He has conducted scores of sensitive internal investigations for a wide variety of financial services companies.

Ahmad Hajj, Attorney
Arnold & Porter, Washington, D.C.

He represents financial institutions, broker-dealers and hedge funds on a variety of matters including banking and securities regulatory issues and mergers and acquisitions. His practice includes representing clients in investments in securities, commodities, futures contracts, and other derivatives. He also represents financial institutions in litigation involving various federal regulatory issues.

Ordering

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Banking & Finance Law Advisory Board

Irving C. Apar

Partner

Thompson Hine

Mark N. Berman

Partner

Nixon Peabody

Willa Cohen Bruckner

Partner

Alston & Bird

Lawrence Kaplan

Of Counsel

Paul Hastings

Kevin Petrasic

Partner

Paul Hastings

Laura D. Richman

Counsel

Mayer Brown

Robert M. Stern

Partner

O’Melveny & Myers

Andrew Stutzman

Partner

Stradley Ronon Stevens & Young

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