Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
New credit rules should follow federal regs CUNA says
WASHINGTON (5/14/2009)—The Credit Union National Association (CUNA) on Wednesday urged each member of the Senate to help financial institutions control their compliance costs by patterning any upcoming anti credit card abuse legislation on the requirements that regulators will impose on both banks and credit unions, starting next year. In the May 13 letter, CUNA reiterated its position that, while it generally supports H.R. 627 as passed by the House, any attempts at reforming existing credit card rules should be balanced to “avoid unintended consequences which would ultimately be adverse to consumers.” Credit unions may waste valuable time and money changing their software and data processing systems if potential changes to the minimum payment warnings that are required on periodic financial statements differ significantly from the changes already proposed by recent federal regulations, the letter added. CUNA also asked senators for some leeway regarding schedules and effective dates. The 90-day adoption schedule that may be required by some portions of the bill may be an “impossible compliance burden given the timeframe,” the letter said. Additionally, the letter said that legislation that would require lenders to reassess a cardholders’ account every six months if the interest rate on that account has been raised would present a “significant compliance burden and expense for credit unions.” Instead, CUNA suggested, such reviews could be completed every 12 to 18 months.


RSS





print
News Now LiveWire
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
22 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
23 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
1 day ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
1 day ago
CCUA hosts @TheNASCUS college for #creditunion directors http://t.co/CftpSXDKWx
1 day ago