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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.


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