Five years after the enactment of major reforms to the U.S. credit-card market, industry opposition has quietly faded into acceptance. Bankers certainly aren't celebrating the 2009 legislation, but they're not condemning it, either.

The law, widely known as the CARD Act, curtailed a number of practices that lawmakers deemed unfair to consumers: retroactive interest rate hikes on existing card debt, large fees for late payments, shortened billing cycles that made it harder for consumers to pay their bills on time and others.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.