CARD Act needs enforcement, advocate says

The long-awaited legislation on new credit card rules, otherwise known as the CARD Act, officially went into effect today. It's been a hard-fought battle for many consumer advocates and representatives of watchdog groups.

"This was a huge victory," Ed Mierzwinski, consumer program director for advocacy group US-PIRG, told WalletPop in an interview. Mierzwinski, along with Congressional Oversight Panel chair Elizabeth Warren, said in a recent conference call that while the passage of the CARD Act was a big step, it's only a first step.