Credit Card Companies Will No Longer Be Able To Deceive Customers, Says Treasury Official

During a conference call with reporters on Monday, Treasury Department official Michael Barr says the CARD Act, which went into effect today, was put into law to prevent credit card companies from playing "hide the ball" with their customers. (:33)
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Administration Would've Liked CARD Act To Take Effect Earlier, Says Treasury Official

During a conference call with reporters on Monday, Treasury Department official Michael Barr says the administration would've liked for the CARD Act, a major credit card reform bill that went into effect today, to be implemented as soon as it was signed into law by the President nine months ago. Barr adds that the creation of a Consumer Financial Protection Agency (CFPA) will ensure that such future laws are put into effect sooner. (:19)
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Credit Card Law Taking Effect Today Will Ensure Fairness, Says Treasury Official

During a conference call with reporters on Monday, Treasury Department official Michael Barr says the CARD Act, which goes into effect today, will help restore fairness to the credit industry. (:13)
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Consumer Protection Agency Needed To Help Enforce Credit Card Reforms, Says Treasury Official

During a conference call with reporters on Monday, Treasury Department official Michael Barr says the proposed Consumer Financial Protection Agency (CFPA) would help enforce many of the laws within the CARD Act of 2009. (:35)
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Consumers Paying Price For Failed Financial Regulatory System, Says Assistant Treasury Sec.

Assistant Treasury Secretary for Financial Institutions Michael Barr says that financial regulatory reform is essential and that consumers are paying the price the failure of the system. He says that a level playing field in terms of competition as well as increased transparency will help prevent a market collapse from happening again. (0:29)
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