You have no doubt heard about the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. In response to a perceived outcry from its constituency, Congress has extended government involvement to yet another aspect of the financial industry. President Obama signed the CARD Act on May 22, 2009, and it becomes effective Feb. 22, 2010.

However, a couple of provisions from the Act became effective on Aug. 20, 2009. Issuers now must give cardholders at least 45 days’ notice before raising their interest rates (the old notice period was 15 days), and statements must be mailed to cardholders at least 21 days prior to the due date.

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