MADISON, Wis. (6/12/09)--The Credit Card Accountability, Responsibility and Disclosure (CARD) Act may trigger some changes in the way credit unions serve their members with credit cards. Credit unions seeking more information about the new law can attend an audio conference offered Thursday by the Credit Union National Association (CUNA). President Barack Obama signed the law last month. The national media have reported that some credit unions have received questions from their members about how the changes will affect them. The CARD Act aims to prevent lenders from making arbitrary changes to interest rates and terms associated with credit cards that have an existing balance. CUNA’s audio conference, “Requirements of the New Credit CARD Act,” will take place from 1 p.m. to 2 p.m. CT. Jeff Bloch, CUNA senior assistance general counsel, and Mike McLain, CUNA assistant general counsel and senior compliance counsel, will provide an overview of the CARD Act requirements. Mike Long, chief credit officer at UW CU, Madison, Wis., and chair of the CUNA Lending Council Regulatory Committee, will talk about the rules' potential impact on credit unions. Conference participants will:
* Examine different elective dates and restrictions on increasing the annual percentage rate; * Identify limits placed on fees that can be charged and procedures that must be followed when changes are made in the interest rate; * Hear a discussion of the other restrictions such as due dates, late payment fees, minimum payment disclosures and gift cards; * Explore new restrictions on cards offered to students; and * Obtain a look at implementing new rules from a credit union practitioner.
For more information, use the link. CUNA also noted that “Protect Your Members--Know the ID Theft Red Flags,” which was scheduled for Wednesday, has been cancelled.