Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Mica asks president to sign CARD fix
WASHINGTON (11/2/09)—The Credit Union National Association (CUNA) Friday sent a letter to President Barack Obama encouraging him to sign the CARD Act Technical Corrections Act (H.R. 3606) into law. The bill was approved mid-October by the House and by the Senate late Thursday. The bill corrects section 601 of the original Credit Card Accountability, Responsibility and Disclosure (CARD) Act and declares that a 21-day late-notice rule would apply only to credit cards -- and not open-end credit in general. Mica noted in the CUNA letter that the original bills inadvertent omission stating that the 21-day rule applies only to credit cards has set credit unions “reeling from an unintended consequences.” Under the legislative fix, Mica has noted, “credit unions may continue the practices of sending members consolidated billing statements, changing payment due dates for members who had previously chosen a due date based on their specific financial situation, and continuing bi-weekly payment plans -- all essential tools consumers use to manage their finances in the ways that best suit their needs." “We hope you will agree that a technical correction is appropriate and sign this measure into law,” Mica penned the president.


RSS print
News Now LiveWire
FHFA today announced it's extending comment deadline for guarantee fees Fannie, Freddie charge lenders to Sept. 8.
16 hours ago
The 2014 @CUwomen Forum was held in Gold Coast, Australia yesterday during @WOCCU 's World CU Conference.
19 hours ago
.@CFPB obtains $92M in debt relief from Colfax Capital Corp. http://t.co/QPZAeCAcy2 See also: http://t.co/Kjf4HHkINW
20 hours ago
Julian Castro was sworn in as 16th secretary of @HUDgov Dept. of Housing and Urban Development Mon.
20 hours ago
.@CUNA's Chief Economist @SchenkMike talks consumer confidence--at highest levels since 2007 w/ @TheStreet @JoeDeaux http://t.co/JyoYQmhAxc
20 hours ago