Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA seeks balance in card protections
WASHINGTON (4/1/09)—The Credit Union National Association (CUNA) said Tuesday it supports the intent of a Senate Banking Committee bill to protect consumers from abusive practices, but warned that a balance must be maintained to prevent unintended consequences to consumers. The committee voted 12 to 11 in favor of the bill (S. 414) that would amend the Consumer Credit Protection Act to ban abusive credit practices, enhance consumer disclosures and protect underage consumers. (See related story: Senate card bill includes NCUA emergency borrowing.) CUNA President/CEO Dan Mica sent a letter to Chairman Christopher Dodd (D-Conn.), prior to his committee’s vote, asking lawmakers’ caution to avoid unintended consequences which “would ultimately be adverse to consumers, including making credit more expensive and less available for consumers.” Mica noted new rules promulgated last year by the Federal Reserve Board, the Office of Thrift Supervision, and the National Credit Union Administration. Those rules restrict and prohibit a number of credit cards practices considered unfair or deceptive under the Unfair and Deceptive Acts and Practices Act (UDAP) and the Fed’s Reg Z. “Credit unions are just beginning the long process of working with their forms suppliers, data processors, statement providers and training resources to ensure they will be in compliance with the new Reg. Z rules and UDAP requirements by their effective date of July 1, 2010. “We encourage the committee to give the new rules time to work before imposing additional burden on credit unions,” Mica wrote.
Other Resources

RSS





print
News Now LiveWire
20 breakout sessions available at @CUNA's April lending school #creditunions http://t.co/eTK0fVO0RK
15 hours ago
.@CoreLogicInc: Jan. home prices jump nearly 6% annually #Market #NewsNow http://t.co/DoDtHhjvaw
17 hours ago
CU Effect: @StLouisComm collaborates to save homes with FHLB grant #NewsNow http://t.co/fxX8EhouUj
22 hours ago
#NewsNow March 31 deadline for Biz Kid$ fin. ed grant application http://t.co/5AD5ZYPLEU
23 hours ago
.@CUNA sends letters on @RepAndyBarr QM bill, @RepMickMulvaney @NCUA budget transparency bill #NewsNow http://t.co/cRAk46ALeD
1 day ago