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NCUA issues reg alert on 21-day rule
ALEXANDRIA, Va. (8/20/09)--The National Credit Union Administration (NCUA) has issued it’s Regulatory Alert 09-RA-07 to aid federally insured credit unions as they deal with the process of implementing the Federal Reserve’s interim final rule amending Regulation Z and provisions of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. According to the NCUA, the regulatory alert includes the Fed’s “suggested temporary remedy” of providing a disclosure stating that payments received within 21 days of the mailing of the notice will not be considered late. The Fed has said that this disclosure can be provided as a part of or alongside the usual periodic account statement. Additionally, the alert summarizes portions of the new rule and provides a link to the full text of the rule, as published in the Federal Register, and the full text of the CARD Act. The NCUA alert also encourages readers to “begin preparing for the remaining revisions and amendments” that will become effective in 2010. For the full NCUA Regulatory Alert, use the resource link.
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