Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA: CFPB Reg Z Changes Unlikely To Impact Many CUs
WASHINGTON (4/1/13)--In a new Final Rule Analysis, the Credit Union National Association notes that the Consumer Financial Protection Bureau's recent amendments to Regulation Z will likely benefit some credit card issuers, but should not have a major impact on credit union issuers directly, because credit union fees on members' credit card accounts are typically well below the limit.

Regulation Z generally limits the total amount of fees that an issuer may charge on a consumer's credit card account to 25% of the credit limit in effect when the account is opened.

The CFPB's final rule, which came into effect on March 28, amends Reg Z so that the limitation applies only during the first year after account opening.

The CFPB action specifically amends Section 1026.52 of Reg Z. In the Final Rule Analysis, CUNA Senior Assistant General Counsel for Regulatory Advocacy Luke Martone notes that all methods of compliance under previous regulation remain available to card issuers. The CFPB regulatory measure states that card issuers who were previously in compliance with Section 1026.52(a) of Reg Z "need not take any additional action to remain so."

For the full Final Rule Analysis, use the resource link.
Other Resources

CUNA Final Rule Analysis
RSS print
News Now LiveWire
96 #creditunions across Britain have applied for funding from Lloyds Banking Group #CreditUnion Development Fund http://t.co/quq3OEE0Qq
13 hours ago
Eight new ideas hatched from @fileneresearch innovation incubator #NewsNow http://t.co/h6Ev6q3HnQ
13 hours ago
Homebuilder confidence continues to climb #NewsNow #Market http://t.co/UTBSpmoeZD
15 hours ago
Mich. league issues 4th consecutive dues rebate #NewsNow http://t.co/MGxMRRLrkb
16 hours ago
Passwords: It's not what you type, it's *how* you type via @Forbes http://t.co/QsPjmGjA4K
17 hours ago