Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Cardholder rights bill sends signal
WASHINGTON (8/4/08)--The Credit Cardholders’ Bill of Rights Act of 2008 (H.R. 5244) passed the House Financial Services Committee 39-27 last week, just before both Houses of Congress adjourned for a month-long August recess. Although there is similar legislation pending in the Senate, S. 3252 introduced by Senate Banking Committee Chairman Christopher Dodd (D-Conn.), it appears unlikely that a final bill will pass Congress this year. The House committee vote in favor of the bill to ban unfair and deceptive credit card practices may serve to send a message to federal regulators to adopt strong measures to protect consumers. In fact, the Aug. 1 issue of American Banker said the lawmakers intended just that with their vote. The Federal Reserve Board, the Office of Thrift Supervision and the National Credit Union Administration have issued a joint proposal that addresses several of the concerns raised in the legislation. The joint proposed rule is open for public comment until Aug. 4 and CUNA will submit its comments in the near future. It is expected that the agencies will finalize their plan by the end of the year. CUNA has recommended in a letter to Rep. Carolyn Maloney (D-N.Y.), the chief sponsor of the House bill, that it may be “more prudent to let the regulatory process run its course prior to legislating a remedy." CUNA backs much of Maloney’s bill, but has urged balance in rules to end discriminatory, predatory, deceptive and abusive lending practices to avoid unintended consequences.
Other Resources

RSS print
News Now LiveWire
Tech. advances don't dampen consumer #cybersecurity concerns #NewsNow http://t.co/HNn4Hojadv
14 hours ago
.@TheNCUA board unanimously voted today to designate board member Rick Metsger as vice chairman, effective immediately.
15 hours ago
We really want to hear from our readers. Please take the News Now survey: http://t.co/BYiQ5vr5Ob
16 hours ago
Advanced technologies don't quell cybersecurity fears #NewsNow http://t.co/ZJ20bimRvv
17 hours ago
.@CentralMaineCom reports #creditunions have issued thousands of new cards to proactively protect members from Home Depot data breach.
18 hours ago