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Washington
CUNA to attend CFPB CARD Act conference
WASHINGTON (2/17/11)—The Credit Union National Association (CUNA) will be one of many groups discussing credit card interest rates, re-pricing, and other issues during an upcoming Consumer Financial Protection Bureau (CFPB)-led conference on the Credit Card Accountability, Responsibility and Disclosure (CARD) Act. The conference will take place next week at the U.S. Treasury offices in Washington D.C. and will “bring together academics, industry leaders, consumer advocates, and voices from within government,” CFPB architect Elizabeth Warren said. The CFPB will take over a number of regulatory roles from the Federal Reserve and other agencies on July 21. The National Credit Union Administration (NCUA), however, will remain mostly independent, and credit unions holding under $10 billion in assets will not be examined by the CFPB. Warren in a speech delivered earlier this week said that the CFPB would use the meeting to gain insight into the real world impact of the CARD Act. Meeting participants will “look at the data from multiple directions” and “analyze how the industry has reacted and how consumers are responding” to the CARD Act, Warren said. This information will help the CFPB understand how it can “make credit markets work better,” Warren added. The CFPB had not released a list of summit guests at press time. The CARD Act prohibits and restricts a number of credit card practices and imposes limits on certain fees. CUNA has outlined credit union CARD Act concerns, and the credit union point of view on other financial issues, during recent meetings with the CFPB and other Treasury officials. Warren in a statement released earlier this month said that the CFPB will work to reduce some regulatory burdens faced by credit unions and other financial institutions and will review the impact of its own rules on credit unions. CUNA also wrote the Fed earlier this year to express concern at portions of the CARD Act that would require creditors to consider only an individual credit applicant's ability to make payments, and not other household income, when determining an individual's creditworthiness. For the comment letter and more on the CARD Act, use the resource links.


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