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News Now

Washington
Committee to vote today on credit card bill
WASHINGTON (4/2/09)--The House Financial Services subcommittee on Financial Institutions is scheduled to vote today on H.R. 627, the Credit Cardholders’ Bill of Rights Act, which amends the Truth-in-Lending Act. The bill would establish fair and transparent practices related to the extension of credit under an open-end consumer credit plan. On Tuesday, the Credit Union National Association (CUNA) sent a letter to Rep. Luis Gutierrez (D-Ill.), chairman of the subcommittee. In the letter, CUNA noted that H.R. 627 would require creditors to provide cardholders, in each periodic statement, a telephone number, Internet address and website address at which the cardholder may request the payoff balance on the account. Most credit unions already provide a telephone number but should not be required to also provide an Internet address and website since not all credit unions have interactive Internet capabilities, CUNA said. CUNA supports an amendment to the bill that would extend the legislation’s effective date from three months to one year after enactment or June 1, 2010--whichever comes first. “With this change, credit unions can continue to prepare to comply with the new regulations--without the additional cost associated with expediting compliance--while providing their members with the financial tools and services on which they rely,” wrote CUNA President/CEO Dan Mica. On Tuesday, the Senate Banking Committee voted Tuesday in favor of S. 414 that would amend the Consumer Credit Protection Act to ban abusive credit practices, enhance consumer disclosures and protect underage consumers.


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