There has been a lot of discussion about the Credit CARD Act signed into law in 2009 and largely taking effect in 2010. The discussion revolves mostly around the consumer protections put into place by the legislation.  Some of the most notable and reported changes include: 

21-day grace period -  credit card companies must send their bill to you at least 21 before the billing date. No more getting the bill the day before it’s due. The old rule said providers had to give customers a “reasonable time” to pay the bill, but no one knew what a reasonable time was.

Handling of Holiday Payments - The companies must credit you with on-time payments received the day after a weekend or holiday. Let’s say your due date falls on a Sunday, and the CC provider doesn’t get your payment until Monday. Previously, you’d get hit with late charges. No more.

On-time payments if received by 5pm -   They must credit you with on-time payments received by 5:00 p.m. on the due date. This was hit or miss before. Providers pretty much could decide on a whim whether to hit you with a late charge for payments received at the end of the business day. You normally won’t want to wait until the last minute, but if you have to, consider using registered delivery to verify when the provider received the payment.

Notice about any changes -   Credit card issuers must now give you 45 days’ notice on rate and penalty increases. Previously, the rules said the provider had to give you only 15 days’ notice. The new rules give you more time to switch cards if you don’t like the new rates.

Rate increases only on new balances -  Issuers can't raise rates on existing balances.  They must limit rate increases only to new balances. So, if the provider does increase rates, the increase will apply only to new charges and not to existing balances.

Some of the provisions being discussed include: the notification requirements established, the restrictions on credit to those under 21 years old, whether a cap should have been placed on interest limits, and how the credit card companies may strike back against the new regulations by restricting credit or limiting who is approved for credit, imposing new annual fees, and shortening or eliminating the grace period before interest accrues on a purchase.

Whether or not the credit card companies will take such actions remains to be seen, but missing from the discussion are the miscellaneous provisions which include: studies and reports, procedures to timely settle estates of card holders who pass away, a review of small business credit plans, a review of current financial and economic literacy, and FTC rulemaking on Mortgage Lending. These provisions will not have an immediate (if you can call next February immediate) impact like the other provisions, but as long as Congress continues to feel protecting consumers is important good regulations could result.

Studies and Reports
Studies will be conducted with the results reported to Congress in the next few years. One study with report on the relationship between fluency in the English language and financial literacy and to what extent, if any, those whose primary language is not English are impeded in conducting their financial affairs. Another study will report on the marketing of consumer products with credit offers focusing on who is targeted and the predatory nature of the offers. A third study will report on the cost effectiveness of making available emergency PIN technology at some ATMs to allow users when under duress to alert and summon local law enforcement to the ATM. Lastly, a study will report on interchange fees charged by credit card companies and their impact on the use of credit and its effect on consumers and merchants.

Review of Consumer Credit Plans and Regulations
The Board of Governors of the Federal Reserve System ("Board") must in two years review the effectiveness of this and other consumer credit regulations and the impact that the regulations have had on the companies, consumers, and the relationships between the two. The Board must report its determinations and any changes to regulation to Congress.

Report to Congress on Reduction of Consumer Credit Card Limits
The Board in consultation with the other federal regulators of the financial industry must report on the extent to which creditors have reduced credit limits or raised interest rates on consumer credit cards based on the geographical location of the transaction or identity of the merchant, the type of transactions a consumer makes, and the identity of the mortgage creditor who holds a mortgage loan on the residence of the consumer. The report should determine the number of creditors engaging in the practices, the extent to which the practices impact minorities or low-income consumers, and other relevant information. The report should also include recommendations on any regulatory or statutory changes that are needed to restrict or prevent the practices.

Small Business Credit Plans and Recommendations
The Board is also required to conduct a review on the use of credit cards by small business and the credit card market for small businesses including the terms of the agreements, practices of the credit card issues, and the adequacy of protection against unfair or deceptive practices. A small business information security task force will also be formed to identify the information technology security needs of small businesses and the government and nongovernment organizations that serve those needs.

Financial and Economic Literacy
The Secretary of Education and the Director of the Office of Financial Education of the Department of the Treasury in coordination with the President's Advisory Council of Financial Literature shall evaluate and compile all existing federal financial and economic literacy education programs and develop a strategic plan to improve and expand financial and economic literacy education.

Though these provisions are more research and fact gathering and less direct action, the results and recommendations could have a much greater impact on the credit regulatory landscape then the other sections of the Act. If nothing else, they may generate a lot of important information about credit card companies practices that you the consumer should be aware of.