The CARD Act has provided significant benefits, including consumer protections and tools that allow people to better manage their accounts. But the CARD Act has also come with unintended consequences that have raised contract interest rates and reduced access to credit. Regulatory limits on banks’ ability to manage risk have created a roadblock for people who are new to credit or who have struggled in the past and want a second chance. This has a significant, real-world impact not only on those consumers, but also on the broader economy.
Read ABA's full statement.