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CU System
520 participated in Illinois CARD Act webinars
NAPERVILLE, Ill. (8/20/09)--More than 520 individuals participated last week in two webinars hosted by the Illinois Credit Union League (ICUL) and ICUL Service Corp. to address critical compliance dates and information about the recently signed Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009. The individuals, from across the country, were from credit unions that use ICUL Service Corp. card programs. The Service Corp has card programs in 45 states for more than 3,100 credit unions and has a portfolio of more than half a million cards. The deadline for compliance with part of the act is today. The sessions discussed changes affecting fee limitation, limits on rate increase, underwriting requirements, notice, payment processing, today's compliance requirements, new requirements for cards issued to those under age 21, impact on gift-card programs, the facts needed to review and revise account terms to comply, and February 2010 compliance requirements. The webinars were presented by Con O'Mahoney, ICUL senior compliance analyst, and Cathy Pettis, ICUL Service Corp. senior vice president of operations. Pettis said the service corp will offer future webinars for its credit unions to share new information as it becomes available. The league created an archive page on its website that includes the audio and Power Point presentation. Questions from the webinars will posted to the archive page by Sept. 1.
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