[3] Key provisions include: Gun rights advocates in the Senate, led by Tom Coburn (R-Okla) added an unrelated rider to the bill to prevent the Secretary of the Interior from enforcing any regulation that would prohibit an individual from possessing a firearm in any unit of the National Park System or the National Wildlife Refuge System.

The George W. Bush administration had attempted to implement a similar policy through the rulemaking process just before leaving office, but the change was struck down by a federal judge.

[10] However, the act that was passed applies to contracts made in the past by setting an effective date of February 22, 2010, which gave banks time to prepare and notify their customers.

The Consumer Financial Protection Bureau in its October 2013 report on the CARD Act found that between the first quarter of 2009 and December 2012, credit card interest rates increased on average from 16.2% to 18.5%, while the “total cost of credit,” that is, the total of all fees and interest paid by all consumers as a percentage of the average cycle-ending balance, decreased by two hundred basis points (2.00%).

The CFPB in its study also found that consumers paid less in late payment and over-the-limit fees since passage of the CARD Act.

In contrast, studies by CardHub.com[12] and the Center for Responsible Lending[13] argued that interest rate trends were the result of economic pressures typical of a recession and not the law.

[23][24] The bill was cosponsored by House Financial Services Committee chair Barney Frank and Representatives Maxine Waters, Luis Gutiérrez, Stephen Lynch, Keith Ellison, Steve Cohen, Chaka Fattah, Maurice Hinchey, Jim Langevin, Jerrold Nadler, Carol Shea-Porter, Hilda Solis, Peter Welch, Albert Wynn, Peter DeFazio, Charles Gonzalez, Gene Taylor, David Obey, Mazie Hirono, Debbie Wasserman Schultz, Nancy Boyda, John Dingell, Corrine Brown, Bennie Thompson, Alcee Hastings, Yvette Clarke, Jesse Jackson Jr., Danny Davis, Kirsten Gillibrand, Eddie Bernice Johnson, Diane Watson, Michael Arcuri, Eliot Engel, John Tierney, Chris Van Hollen, George Miller, Jim Moran, Anthony Weiner, Neil Abercrombie, and Jan Schakowsky.