Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA issues comment call on HELOC changes
WASHINGTON (10/2/09)--The Credit Union National Association (CUNA) has issued a regulatory comment call on the Federal Reserve Board’s issuance of a proposed rule that would amend the disclosure requirements of Regulation Z for home-equity lines of credit (HELOCs). The proposal, which will require creditors to provide specifically designed disclosures for a given consumers credit account, will replace the current generic, one-page HELOC disclosure. The information will also be presented in a tabular format, and creditors will need to present similar information in a similar format at the time of the account’s opening as well. Under the proposal, creditors will also be required to notify consumers of any changes to their account 45 days before those changes are to come into effect. Creditors will also be prevented from terminating any accounts that have not passed a 30-day late payment threshold. Comments are due to CUNA by Dec. 10. Comments solicited by the Fed should be submitted by Dec. 24. To view the CUNA comment call, use the link.


RSS print
News Now LiveWire
#FinancialLiteracyMonth Test your college financial aid knowledge @nasfaa http://t.co/xgrDmHaw8W
6 hours ago
Join @theNCUA #NCUAchat with @KenWortheyJr on April 23 from 11am to 12pm EST http://t.co/TnNmfFh4Nl #FinancialLiteracyMonth
8 hours ago
Maine's patent troll bill has become law. Read more in Monday in @NewsNowLiveWire
11 hours ago
Wash. DFI discusses serving legal marijuana businesses with @NWCUA http://t.co/3kw79HJUYF
11 hours ago
Both @CUNA @NAFCU urge extension of #RBC extension period http://t.co/FWMcvlwHPM
12 hours ago