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News Now

Washington
CUNA Will CFPB card limits plan impact CUs
WASHINGTON (4/25/12)--Credit unions are asked to weigh in on a Consumer Financial Protection Bureau (CFPB) plan to revise Regulation Z regarding credit card fee limitations, and whether the proposal will have any direct impact on their operations.

In a Comment Call to credit unions, the Credit Union National Association noted that the CFPB proposal would amend the provision of Reg Z that limits the total amount of fees that can be charged on a credit card account "prior to account opening and during the first year after account opening." 

Under the proposed rule, this limitation would apply only "during the first year after account opening."

It is CUNA's opinion, the Comment Call said, that overall the proposal is positive and will benefit some credit card issuers, but that it will not have a major impact on credit union issuers directly, based on the fees they typically charge on members' credit card accounts.

The CFPB is accepting public comments on its proposal until June 11. CUNA's comment deadline is May 28.


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