The House took vital action today that will save credit unions and their consumer members both money and peace of mind in passing the technical correction to the Credit CARD Act, which clarifies that the 21-day notification rule applies only to credit cards. Credit unions are reeling from the unintended consequence of the CARD Act that applies the law to all forms of open-end credit – threatening the very ability of credit unions to continue offering affordable credit to their millions of members. We thank the House for this action –
particularly Rep. Peter Welch (D-Vt.). However, Senate action is still urgently needed for consumers and credit unions to realize relief. We urge senators to take similar action as soon as possible.