Credit regulation is still a hot topic in the USA; Barack Obama's crackdown on the
banks continues to gather momentum, following his signing of the Credit Card Act of 2009. For the typical US cardholder the new law means they are no longer faced with retro-active interest rate rises on existing card balances, have more time to pay off their monthly bills more notice of changes in credit card terms and the right to opt out of significant changes of terms and conditions on their accounts. This allows consumers time to shop around for better deals with alternative credit providers. All of these changes in the USA are being gradually phased in, but the majority came into effect in February 2010.