Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NCUA briefed on deceptive card practices proposal
ALEXANDRIA, Va. (5/23/08)--The National Credit Union Administration (NCUA) Board was briefed Thursday on a recently approved proposal that would restrict certain practices for credit cards and overdraft protection plans by designating them as “unfair and deceptive practices.” No action was taken at the meeting on the proposal since it already has been approved. The NCUA will receive comments on it until Aug. 4. NCUA, the Federal Reserve Board, and the Office of Thrift Supervision proposed the rules to crack down on deceptive credit card practices. The proposed rules address credit card billing, payment and overdraft policies. They also address unfair practices such as providing insufficient time to make payments. Other credit card practices targeted in the rules include failing to provide reasonable allocation of payments among balances with different interest rates and retroactively applying interest rate increases to pre-existing balances. The recommendation also would require a federal credit union to provide an opportunity for a consumer to opt out of an overdraft protection program, and would prohibit a federal credit union from charging a fee for an overdraft caused by a hold placed on consumer funds in connection with the use of a debit card.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
4 hours ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
6 hours ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
6 hours ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
6 hours ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
8 hours ago