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Senate holds on credit reform bill for now
WASHINGTON (5/8/09)—Credit Unions can expect a vote on pending credit card reform legislation sometime next week, Credit Union National Association (CUNA) Director of Federal Legislative Affairs Michele Johnson said on May 7. Any further discussion on S. 414, also known as the Credit CARD Act of 2009, has been pushed back for the time being, as the Senate instead began debate on S. 454, the Weapon Systems Acquisition Reform Act of 2009. However, Senate Majority Leader Harry Reid (D-Nev.) on Thursday told Reuters that Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and ranking minority member Richard Shelby (R-Ala.) have reached consensus on the language of the credit card legislation. A house bill (H.R. 627) containing similar credit reform measures passed by a 287 vote margin late last week. Under this legislation, many current business practices, including double-cycle billing, prolonged payment periods, and universal default, would be banned. The legislation would also limit the fees that credit issuers can charge and would enhance protections for younger credit card users. CUNA generally supported the House bill because the legislation largely mirrored regulations promulgated by the Federal Reserve and National Credit Union Administration in December 2008. These rules go into effect in June 2010. During the committee consideration of H.R. 627, CUNA supported an amendment, which was approved, that extended the effective date of the legislation to one year after passage or June 1, 2010.
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