WASHINGTON (9/25/09)--Reps. Carolyn Maloney (D-N.Y.) and Barney Frank (D-Mass.) on Thursday introduced legislation that would change the effective date of portions of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act. Aside from generally setting an earlier effective date for the CARD Act, H.R. 3639, the “Expedited CARD Reform for Consumers Act of 2009,” would push forward the effective dates for CARD Act provisions addressing gift cards, reviews of past consumer interest rate increases, and requirements addressing the penalties and fees that can be assessed to credit accounts to Dec. 1. Commenting on the legislation, Maloney said that the “breadth and depth” of interest-rate hikes that credit card companies are imposing ahead of the full imposition of the CARD Act points to the need for “faster consumer protections.” Ryan Donovan, Credit Union National Association (CUNA) vice president of legislative affairs, said the outlook for the legislation is uncertain. "The legislation seeks to move a February effective date up to this December, which is only about 10 weeks from now. In order for the bill to become law in that timeframe, it would seem that the bill would need to move through the legislative process at incredible speed," he noted. The legislation will not affect the 21-day rule on open-end credit that took effect in August, and CUNA continues to be in contact with the Federal Reserve, the National Credit Union Administration, and key members of Congress to resolve the compliance issues that continue to face credit unions.