Congress responded to concerns about the incomprehensibility and unfairness of double-cycle billing by simply prohibiting such a provision. Card issuers issuer should no longer be entitled to reach back to earlier billing cycles calculating interest for the current cycle.In addition to the general reasonableness and proportionality requirement for penalty fees, the CARD Act adopted specific provisions which impacted particular fees.
Cardholder surveys conducted by the CFPB at the one-year anniversary of the CARD Act indicated that although consumers had a better understanding of the costs of their credit card, they “still not feel very well informed.” The CFPB therefore continues to pursue efforts to standardize and clarify credit card contracts. The Bureau now maintains on its website a standard set of credit card contract definitions. If a credit card contract adopts those terms, then any word or phrase used in the contract wi
America’s economy has not shrunk since Q2 of 2009. Yet, if the Congressional Budget Office’s estimates of just 1.4% real GDP growth this year prove true, America will have experienced its worst four consecutive growth years of GDP in the Bureau of Economic Analysis’ data going back to 1930.Looking at the economy in 10-year increments starting from 1948 (when declines from wartime spending had ended), averaging GDP’s annual growth percentage shows the following:
Richard S. Foster, Chief Actuary, Centers for Medicare and Medicaid Services, “Estimated Financial Effects of the Patient Protection and Affordable Care Act, as Amended,” April 22, 2010, p. 2.