Maloney was the author of the "Credit Cardholders' Bill of Rights" or (the Credit CARD Act of 2009) while serving as Chair of the Subcommittee on Financial Institutions and Consumer Credit, in the 110th Congress. A 2014 study by the Social Science Research Network estimated that since its passage, the CARD Act has saved consumers $11.9 billion per year. The measure was fiercely opposed by credit card companies, but it drew praise from editorial boards and consumer advocates. The bill was passed as the Credit Card Accountability Responsibility and Disclosure Act by both houses of the 111th Congress, prompting Money magazine to dub Maloney the ""best friend a credit card user ever had."" President Barack Obama signed the Credit Card Bill of Rights into law in a Rose Garden ceremony at the White House attended by Maloney on May 22, 2009.