Barack Obama actually said...

"I signed the Credit Card Accountability Responsibility and Disclosure Act into law to put a stop to deceptive credit card practices."

"As of today, consumers will be protected against unreasonable fees and penalties for late payments."

"These reforms and this independent consumer watchdog will not only protect consumers, they'll strengthen our economy as a whole."

"The CARD Act prevents companies from increasing rates within the first year an account is opened."