Wall Street still wants you to think the CARD Act is bad

CARD act
CARD act

It's no secret that the finance industry isn't really a fan of the new credit card reform rules, aka the CARD Act. On Wednesday, the American Bankers Association (ABA) hosted a conference call with two of its execs to talk about the new legislation.

Although Kenneth Clayton, senior vice president and general counsel for ABA card policy, said the Act "represents a fundamental change in the credit card marketplace" and spoke of empowering consumers, he and his colleague, Nessa Feddis, vice president and senior counsel for regulatory compliance, also focused on a lot of potential drawbacks: Customers might see cards adding annual fees or inactivity fees. They might also see their rewards programs reduced or limitations added onto those perks.