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CUNA issues comment call on HELOC changes
WASHINGTON (10/2/09)--The Credit Union National Association (CUNA) has issued a regulatory comment call on the Federal Reserve Board’s issuance of a proposed rule that would amend the disclosure requirements of Regulation Z for home-equity lines of credit (HELOCs). The proposal, which will require creditors to provide specifically designed disclosures for a given consumers credit account, will replace the current generic, one-page HELOC disclosure. The information will also be presented in a tabular format, and creditors will need to present similar information in a similar format at the time of the account’s opening as well. Under the proposal, creditors will also be required to notify consumers of any changes to their account 45 days before those changes are to come into effect. Creditors will also be prevented from terminating any accounts that have not passed a 30-day late payment threshold. Comments are due to CUNA by Dec. 10. Comments solicited by the Fed should be submitted by Dec. 24. To view the CUNA comment call, use the link.


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