NEW YORK (

TheStreet

) - Credit card rules enacted last year have been a success and pushed charges such as "late fees" down significantly, according to a newly minted consumer finance watchdog.

Elizabeth Warren, special advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau (CFPB), praised the success the CARD Act has achieved since it was passed in 2009.

"As a result of the CARD Act, consumers now have better information about how much they are paying for credit and how much they might save on interest if they pay down their balances more quickly than they might otherwise have planned," said Warren during a conference held Tuesday.

The CARD Act, which was issued in May 2009, requires credit card issues including

Bank of America

(BAC) - Get Report

,

American Express

(AXP) - Get Report

,

Citigroup

(C) - Get Report

,

JPMorgan Chase

(JPM) - Get Report

,

Visa

(V) - Get Report

,

MasterCard

(MA) - Get Report

and

Wells Fargo

(WFC) - Get Report

to be more transparent, ease up on rate increases and include information on how long it will take a consumer to pay off a bill.

For instance, the amount of late fees consumers are paying fell from $901 million in January 2010 to $427 million in November 2010, according to a report by the CFPB. The average late fee charge also declined from $35 to $25.

Bank of America

reported

that due to the CARD Act it reported more losses in its credit card business. Overall, banks could lose up to $25 billion a year in revenue due to changes in payment regulations.

--Written by Maria Woehr in New York.

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