WASHINGTON (10/28/09)--As the Credit Accountability, Responsibility and Disclosure (CARD) Act continues to come under the spotlight on Capitol Hill, it also is the focus of some upcoming regulatory actions. Credit unions have until Nov. 20 to comment on a Federal Reserve Board plan to implement portions of the CARD Act. The proposal addresses provisions of the CARD Act that limit minimum payment warnings to credit cards and prohibit interest rate increases for existing balances and during the first year the account is opened. The Fed has also asked for input on portions of the act that require the consent of consumers before fees can be charged on over-the-limit accounts and require co-signors for cardholders less than 21 years of age, unless they can prove that they can make the minimum payments. In Congress, the compliance date of certain CARD Act provisions could be moved up for some issuers to Dec. 1 by a bill approved by the House Financial Services Committee. An amendment that would exempt depository institutions with under 2 million credit cards in circulation from the expedited effective dates contained in the bill, offered by Rep. Shelley Moore Capito (R-W.V.) and Rep. Brad Sherman (D-Calif.), was added to the legislation via voice vote. Sherman also joined Rep. David Scott (D-Ga.) to offer an amendment to strike from the bill the expedited effective dates for gift cards. This amendment was also added via voice vote. The Senate may also soon take up H.R. 3606, the CARD Act Technical Corrections Act, which, if passed by the Senate and signed into law by the President, would clarify that a 21-day disclosure requirement for late payments applies only to credit card accounts and not to all open-end credit. The Credit Union National Association has also requested comments on the Fed proposal from credit union industry insiders in a recently published comment call. CUNA is accepting comments until November 10, 2009. To see the CUNA comment call, use the resource link.