Who administers the Credit Card Act of 2009?

The Credit Card Act of 2009 is primarily administered by the Consumer Financial Protection Bureau (CFPB). This act was designed to promote transparency and accountability in credit card practices, thereby protecting consumers from unfair terms and practices.

The CFPB was established as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act and is specifically charged with overseeing financial products and services, ensuring that consumers are treated fairly. Their role includes enforcing regulations related to credit cards, which encompasses monitoring compliance with the provisions of the Credit Card Act, such as requirements for clearer disclosures of terms and prohibiting certain unfair practices related to interest rate increases and fees.

While the Federal Trade Commission (FTC) also involves itself in credit-related matters, its role is more focused on broader consumer protection issues rather than being the primary enforcer of this specific act. The other entities, such as the Department of Commerce and the Consumer Product Safety Commission, do not have a role in administering the Credit Card Act, as their focus is either on trade regulations or product safety, respectively. Therefore, the CFPB's dedicated focus on consumer financial protection makes it the correct answer in this context.