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Washington
CUs urged to comment on CARD Act rules
WASHINGTON (10/16/09)--The Credit Union National Association (CUNA) has issued a regulatory comment call on the Federal Reserve Board's proposal to implement the portions of the Credit Accountability, Responsibility and Disclosure (CARD) Act that will become effective on February 22, 2010. Items addressed by the Fed proposal include provisions that will limit the CARD Act's minimum payment warning provisions to credit cards, prohibit interest rate increases for existing balances and during the first year the account is opened, require the consumer's consent before charging fees for exceeding the credit limit, and require co-signors for cardholders that are under the age of 21 if they cannot otherwise demonstrate that they can make the minimum payments. These requirements as well as additional requirements addressed in this proposal will be discussed during an audio conference call on Oct. 20. The call, which will be led by CUNA Senior Assistant General Counsel Jeff Bloch, will also feature commentary from Federal Reserve Board Senior Attorney Benjamin Olson, PSCU Financial Services General Counsel Steve Salzer, CUNA Assistant General Counsel Michael McLain, and UW Credit Union Chief Credit Officer Mike Long. Comments may be submitted to CUNA and can be submitted to the Fed for thirty days following the proposal being published in the Federal register. To view the CUNA comment call, and register for the CUNA audio conference call, use the resource links.
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