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Washington
Mica asks president to sign CARD fix
WASHINGTON (11/2/09)—The Credit Union National Association (CUNA) Friday sent a letter to President Barack Obama encouraging him to sign the CARD Act Technical Corrections Act (H.R. 3606) into law. The bill was approved mid-October by the House and by the Senate late Thursday. The bill corrects section 601 of the original Credit Card Accountability, Responsibility and Disclosure (CARD) Act and declares that a 21-day late-notice rule would apply only to credit cards -- and not open-end credit in general. Mica noted in the CUNA letter that the original bills inadvertent omission stating that the 21-day rule applies only to credit cards has set credit unions “reeling from an unintended consequences.” Under the legislative fix, Mica has noted, “credit unions may continue the practices of sending members consolidated billing statements, changing payment due dates for members who had previously chosen a due date based on their specific financial situation, and continuing bi-weekly payment plans -- all essential tools consumers use to manage their finances in the ways that best suit their needs." “We hope you will agree that a technical correction is appropriate and sign this measure into law,” Mica penned the president.


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