Consumer Law

Call for Papers/Roundtable Participants for AALS Meeting Panel on Credit CARD Act

By Jeff Sovern

AALS Section on Commercial and Related Consumer Law

Two Solicitations: The Section on Commercial and Related Consumer Law is seeking participants for a roundtable discussion at the AALS Annual Meeting and is also separately soliciting essays for a print symposium to follow.

The Topic: The topic of both the roundtable discussion and the print symposium will be the federal Credit Card Accountability Responsibility and Disclosure Act of 2009 (commonly known as the CARD Act).   In this Act, Congress limited the use of some common practices by credit card issuers and mandated additional disclosures.  For example, card issuers now must give cardholders 45-days notice before increasing interest rates and fees, the increases can apply only to new charges, and the cardholder must be given the option to cancel the card before the increases take effect.  In addition, card issuers generally cannot increase rates for the first 12 months after an account is opened.  Credit card bills must include information about how long it will take to pay off balances, and various restrictions apply to when card issuers can make payments due.  This new Act raises many new questions.   How have the new regulations affected credit contracts and practices since their enactment?  Will card issuers find ways around the legislation?  Will the restrictions reduce the availability of credit and, if so, is that a good or bad result?  Will the CARD Act's increased disclosure and opt-in provisions advance or hinder consumer protections?   If these restrictions are what consumers want, why did the market not provide them?  Will further reform be necessary?

The Roundtable Discussion at the AALS Meeting: During its session at the AALS Annual Meeting, which will take place on Saturday, January 8, 2011, at 1:30 p.m., the section will host a roundtable discussion among several invited speakers presenting a variety of viewpoints on the CARD Act.  The section is currently accepting suggestions for speakers from the academy, industry, practice, and consumer protection groups.  Please send nominations by email to Greg Maggs (gmaggs@law.gwu.edu) by September 23, 2010.  Self-nominations are welcome.

The Print Symposium to Follow:  The section is separately seeking essays on the CARD Act for a print symposium to be published in the Utah Law Review.  The Utah Law Review has agreed to publish 3 to 5 essays of approximately 15,000 words in length.  For consideration, please submit a 1 page proposal by email to Greg Maggs (gmaggs@law.gwu.edu) by October 1.  The Section will notify those selected to write essays shortly afterward.  Completed essays will be due February 1.  Participation in the roundtable discussion is not necessary for selection for participation in the symposium.

Full post as published by CL&P Blog on August 23, 2010 (boomark / email).