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CUNA Regulatory Comment Call

October 5, 2001

Summary

• The Federal Reserve Board (Fed’s) Consumer Advisory Council (CAC) is meeting on October 25, 2001. The CAC’s membership includes representatives from financial institutions, consumer and community organizations, state governments, and academia. The group meets three times a year to advise the Fed on consumer protection issues. There is usually one member of the CAC that is from the credit union movement.
• One of the items on the agenda for the meeting on October 25th is a discussion of the credit card rules under Regulation Z, the Truth in Lending Act (TILA), in an effort to identify possible regulatory changes.
• In addition to the discussion during the meeting, the Fed is open to receiving written comments on this issue. These written materials are reviewed by the Fed and distributed to the CAC members, as well as to the audience attending the meeting. The meetings are open to the public and are well attended.
• We are interested in receiving comments from credit unions to incorporate into written comments that we will provide to the Fed on or before the October 25th meeting. There is no limitation on the issues that may be raised, other than focusing specifically on the credit card rules under Regulation Z, TILA.
• Please submit your comments to CUNA by October 19. Please feel free to fax your responses to CUNA at 202-371-8240; e-mail them to Associate General Counsel Mary Dunn at mdunn@cuna.com or to Assistant General Counsel Jeffrey Bloch at jbloch@cuna.com; or mail them to Mary or Jeff in c/o CUNA’s Regulatory Advocacy Department, 805 15th Street, NW, Suite 300, Washington, DC 20005. You may also contact us if you need more information.