MADISON, Wis. (6/2/09)--The Credit Union National Association (CUNA) has scheduled an audio conference for June 18 on requirements of the new Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009. The CARD Act, approved by the Senate two weeks ago, aims to prevent lenders from making arbitrary changes to interest rates and terms associated with a credit card that holds an existing balance. During the conference--which starts at 1 p.m. CDT--Jeff Bloch, CUNA senior assistant general counsel and Mike McLain, CUNA assistant general counsel and senior compliance counsel, will provide an overview of the CARD Act requirements. Mike Long, chief credit officer at UW CU, Madison, Wis., and chair of the CUNA Lending Council Regulatory Committee, will talk about the rules’ potential impact on credit unions. According to CUNA, conference participants will:
* Examine different elective dates and restrictions on increasing the annual percentage rate; * Identify limits placed on fees that can be charged and procedures that must be followed when changes are made in the interest rate; * Hear a discussion of the other restrictions such as due dates, late payment fees, minimum payment disclosures and gift cards; * Explore new restrictions on cards offered to students; and * Get a practical look at implementing new rules from a credit union practitioner.
To register for the conference, use the link.