The Federal Reserve Board recently published a second set of proposed rules that implement certain provisions of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (CARD Act). The CARD Act enacted earlier this year prohibits and restricts a number of credit card practices.

This new proposal implements the provisions of the CARD Act that will become effective on February 22, 2010. The Fed is currently seeking comments on these proposed rules. This proposal follows an earlier interim final rule that implements provisions that were effective as of August 21, 2009. This includes the requirement to send periodic statements at least 21 days before the payment is due, which as of now applies to all open-end credit in addition to credit cards, and the requirement to provide a 45-day notice when the rate and certain terms of a credit card account are changed.

It is expected that both the interim final rule and the new proposed rules will be finalized together before the end of the year.

Join us and hear from our speakers about the following:

• Provisions that require minimum payment warnings on credit card statements
• Prohibitions regarding the increase of interest rates during the first year the account is open
• Requiring co-signers for consumers who are under the age of 21 in order to open an account
• Requirement that payments above the minimum amount be applied to balances with the highest interest rate
• A number of other requirements

CUNA archived events enable staff to pick up new skills and keep up with daily responsibilities. Hearing the archived audio conference will enable you to hear a presentation, questions of the instructor, and refer to handouts. You need only a computer with an Internet connection and speakers. The archived event is made available within 48 hours of the live event. Please note: The same username and password you use to register will be used to access your archived event.

This audio was offered live on
October 20, 2009

Access this archived audio

This audio is beneficial for CEOs, management, directors, lending staff, compliance staff, and anyone involved in lending at your credit union.

Affiliation with CUNA/League is required for attendance.

Michael McLain

Michael is assistant general counsel and senior compliance counsel at CUNA in Madison, Wisconsin. He works with CUNA Center for Professional Development to ensure its products and services are in compliance with and accurately portray federal regulations affecting credit unions. He also answers compliance questions from state credit union leagues and credit unions. Michael is a regular contributor of compliance related articles to Credit Union Magazine. Prior to joining CUNA’s legal department, Michael served for approximately 10 years as vice president and corporate counsel to a $300 million credit union in northeast Ohio and for nearly two years as vice president and corporate counsel to a $500 million credit union in central Pennsylvania.

Mike Long

Mike is Executive VP and Chief Credit Officer at UW Credit Union based in Madison, WI. He is responsible for the overall direction of the $1.4 billion credit union’s lending division, including mortgage lending, student lending, consumer lending and collection activities. Long is also the Chief Operating Officer for CU Campus Resources, a wholly-owned subsidiary of UW Credit Union focused on Private Student Lending.

Long is an Executive Committee Member of the CUNA Lending Council, where he co-chairs the Regulatory and Legislative Sub-committee. In addition, he serves as a member of the CUNA Consumer Protection Committee.

Jeff Bloch

Jeff is a senior assistant general counsel for the Credit Union National Association. He represents credit union interests before the National Credit Union Administration, the Federal Reserve Board, and other federal agencies. Jeff also provides analyses on the impact of new and proposed rules that affect credit union operations and writes frequently for credit union publications.

Prior to joining CUNA’s Washington office in 1999, Jeff was a senior attorney at the Federal Deposit Insurance Corporation. At the FDIC, he followed and analyzed federal legislation on issues affecting the banking industry, including bankruptcy and financial modernization. He also drafted documents and managed litigation on issues surrounding the failure of banks and thrifts and analyzed issues regarding the conversion of thrifts from mutual to stock form.

Steve Salzer

Steve is the chief strategic, compliance, and legal officer for PSCU Financial Services.

Benjamin Olson

Ben is a senior attorney in the Division of Consumer and Community Affairs of the Federal Reserve Board, where his work focuses on regulations implementing the Truth in Lending Act and the Federal Trade Commission Act. He has taken a leading role in the implementation of the Credit Card Accountability Responsibility and Disclosure Act of 2009. Before joining the board, he worked in the Federal Trade Commission’s Division of Financial Practices and at the law firm of Hogan & Hartson LLP. He also served as a law clerk to the Honorable Emilio M. Garza of the U.S. Court of Appeals for the Fifth Circuit.

The last day for cancellations was October 12, 2009. Substitutions are accepted anytime prior to the start of the program at no additional cost. Simply fax event and contact information, listing the new participant and who they will be replacing. Cancellation fees do not apply for free or complimentary programs.