Most people never owned a subprime mortgage, many never owned a mortgage, and very few will ever buy a mortgage backed security. But, look in your wallet and you will nevertheless likely find a complicated credit product: Your credit card.
In 2009, in the wake of the financial crisis, Congress passed significant new limitations on credit card issuer billing and marketing practices in the easy-to-abbreviate Credit Card Accountability Responsibility and Disclosure Act of 2009 (The Credit CARD Act). In the same law, Congress acted to limit access to credit cards by 18-to-21-year olds. Some have argued that the law might be too little too late for some groups, like the elderly, who are a higher-risk of being taken advantage of by predatory issuer practices.