Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Frank suggests expedited date for some CARD Act provisions
WASHINGTON (9/18/09)--House Financial Services Chairman Barney Frank is reportedly considering introducing legislation that could move the implementation date for the remaining portions of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act to December 1, Congress Daily reported on Thursday. Frank staffer Steven Adamske told Congress Daily that Frank’s staff were not pleased by what “banks and credit card companies are doing in advance of the effective date." Portions of the CARD Act became effective in late August, and the rest of the bill is scheduled to come into effect in February of 2010. This portion of the recently-passed legislation will restrict lenders ability to increase interest rates and to charge fees or penalties to cardholders. Credit Union National Association President/CEO Dan Mica has spoken out on the bill, saying that some portions of the legislation could "have the unintended consequence of raising compliance costs and making credit more expensive and less available to consumers."


RSS





print
News Now LiveWire
.@CFPB has concerns Re:electronic paymnts networks,particularly its effects on consumers,said bureau director Cordray http://t.co/mqi9bHL6Fb
1 hours ago
#NewsNow CUNA Tech Council white paper looks at EMV http://t.co/2znk5N0Y4m
2 hours ago
.@CUNA 3 pm ET Twitter chat Tues about recent customer satisfaction results ranking #CUs much higher than banks. #CUServiceExcellence.
2 hours ago
AACUL honors @DianaRDykstra with Eagle Award; Wendell Lyon re-elected chair http://t.co/FacmfLiItH
3 hours ago
.@NCUFoundation's Hyland, #creditunion leaders grace small screen for Va. TV program #CUNANewsNow http://t.co/opmMXzD91e
4 hours ago