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Credit Card Accountability, Responsibility and Disclosure Act dissected
June 25th, 2009 - Posted by Kent
When President Obama signed the Credit Card Accountability, Responsibility and Disclosure Act into law, a number of credit card companies went on the defensive, predicting annual fees, diminished grace-periods, and other customer-focused expenses. Enter two doctoral candidates at Harvard, Ryan Bubb and Alex Kaufman, who tell us in their recent New York Times op-ed piece that it just isn't so. Or at least if credit unions are an example, then the future for credit card companies, and their customers, won't be bad at all. The two economists compared the proposals in the CCARDA to the way that credit unions deal with credit cards, and found that credit unions make a pretty good template for how credit card companies will need to act in the future. Their conclusion? If employee credit unions can make it work (and they do), then for-profit credit card companies can too.
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