Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
New credit card rule analysis CUNA
WASHINGTON (3/2/09)—An analysis of a final rule governing certain credit card practices is now available on the Credit Union National Association’s (CUNA) website. The CUNA analysis addresses the rule adopted by The National Credit Union Administration (NCUA), along with the Federal Reserve Board and the Office of Thrift Supervision (OTS), which is effective July 1. 2010. Only federal credit unions fall under the provisions of the new requirements. However, the CUNA analysis advises that the Federal Trade Commission (FTC), with authority in this area over state-chartered credit unions, may expect state-chartered credit unions to comply with the rule. Practices addressed in the NCUA-Fed-OTS rule include:
* Time periods for making payments; * How payments may be allocated to card balances; * Allowable interest rate increases on outstanding balances; * Acceptable methods for computing balances that are subject to interest charges, and * Definition of excessive security deposits and fees that are charged when credit is issued.
The prohibited acts or practices outlined in the final rule will not be deemed unfair or deceptive if they occurred prior to the effective date, unless other specific circumstances suggest otherwise, CUNA notes. Use the resource link below for the complete analysis.


RSS print
News Now LiveWire
Mich #creditunions encourage everyone to #CULunchLocal Oct 14 as part of #ICUDay http://t.co/NZp71fgr8Z
13 minutes ago
.@IllinoisLeague Hession: #HB5342 cause for celebration...will serve as a model across the country for state, fed regulators @GovernorQuinn
29 minutes ago
.@GovernorQuinn signs #HB5342 providing parity for state-chartered #creditunion examinations via @IllinoisLeague http://t.co/yrhoCkE4ER
1 hours ago
.@Walmart's US CEO Bill Simon to step down, Greg Foran moves up via http://t.co/WIqJbYcapL
1 hours ago
.@NCUA just releases 3 segments of new online series to help CU managers, volunteers detect/deter fraud http://t.co/JgyRHcfgit
1 hours ago