Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
House could act on credit card practices bill
WASHINGTON (4/28/09)--The House could vote on a bill this week--H.R. 627, the Credit Cardholders’ Bill of Rights Act--which aims to protect credit card holders. H.R. 627 would prohibit creditors from considering a payment as late unless the consumer is provided with reasonable time to make payments. The bill also would require creditors to mail statements to cardholders at least 25 days before the due date. The Credit Union National Association (CUNA) generally supports the bill. In its testimony, CUNA had encouraged the committee to consider a 21-day threshold because the 25-day requirement would be too close to the end of the billing cycle and create logistical problems for credit unions. A manager’s amendment was added that includes the threshold CUNA sought. CUNA also encouraged the committee to extend the effective date to July 1, 2010--which also was added in an amendment. H.R. 627 largely parallels rules that the National Credit Union Administration and Federal Reserve Board of Governors finalized and go into effect July 2010. However, CUNA is concerned that an amendment to regulate interchange fees may be offered by Reps. Peter Welch (D-Vt.) and Bill Schuster (R-Pa.). CUNA strongly opposes any effort to regulate interchange fees, and is hopeful that the rules committee will not make such an amendment in order.
Other Resources

RSS





print
News Now LiveWire
Sony hack linked to N. Korea, says U.S.intelligence via @nytimes http://t.co/fE3PtMgEFz
10 hours ago
.@CUNAMutualGroup Klewin shares final thoughts, forecast on lending regulations with @cumagazine before retiring http://t.co/v78QY3QwqB
13 hours ago
Current @CUNA COO @JillTomalin promoted to deputy chief of staff
14 hours ago
#CU Effect:@ChartwayFCU 'branch of the future' 2 benefit members, staff. 2nd installment of new News Now series here:http://t.co/ImBY4nupEj
14 hours ago
U.K. regulators have given formal authorization for the @c_of_e to form a #creditunion.
14 hours ago