Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
#NewsNow @MountainAmerica among top 100 worldwide in HR management http://t.co/QqfzOSTkiA
1 hours ago
Missouri #creditunions embrace Bank on More SUV sweepstakes #NewsNow http://t.co/yjD1qNt68T
1 hours ago
In letter to Pres Obama, @CUNA CEO @Nussle urges natl action on cybersecurity, breaches #NewsNow http://t.co/rZFzSXWJOP
1 hours ago
Bank ATM fees continue to climb. Credit unions? Not so much. #NewsNow http://t.co/7nfcqusVuM
2 hours ago
NCUA 2day liquidated Republic Hose Employees FCU,Youngstown,Ohio, after determining the CU was insolvent w/no prospect for viable operations
3 hours ago