Identify a true statement about the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009.
A) It prohibits the issuance of credit cards to anyone under the age of 21.
B) It created the Consumer Financial Protection Bureau.
C) It prohibits issuers from raising interest rates on existing balances unless the borrower is more than 60 days late in making required payments.
D) It established the Securities and Exchange Commission to ensure that credit card issuers give a 45-day notice before making significant changes to credit agreements.

Question

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The CARD Act of 2009 includes a provision that prohibits issuers from raising interest rates on existing balances unless the borrower is more than 60 days late in making required payments.

Identify a True Statement About the Credit Card Accountability, Responsibility