WASHINGTON (4/28/09)--The House could vote on a bill this week--H.R. 627, the Credit Cardholders’ Bill of Rights Act--which aims to protect credit card holders. H.R. 627 would prohibit creditors from considering a payment as late unless the consumer is provided with reasonable time to make payments. The bill also would require creditors to mail statements to cardholders at least 25 days before the due date. The Credit Union National Association (CUNA) generally supports the bill. In its testimony, CUNA had encouraged the committee to consider a 21-day threshold because the 25-day requirement would be too close to the end of the billing cycle and create logistical problems for credit unions. A manager’s amendment was added that includes the threshold CUNA sought. CUNA also encouraged the committee to extend the effective date to July 1, 2010--which also was added in an amendment. H.R. 627 largely parallels rules that the National Credit Union Administration and Federal Reserve Board of Governors finalized and go into effect July 2010. However, CUNA is concerned that an amendment to regulate interchange fees may be offered by Reps. Peter Welch (D-Vt.) and Bill Schuster (R-Pa.). CUNA strongly opposes any effort to regulate interchange fees, and is hopeful that the rules committee will not make such an amendment in order.