CUNA President And CEO Dan Mica On President Obama’s Signing Of Credit Card Act ‘Fix’ For Open-End Loans(HR 3606)

November 6, 2009

FOR IMMEDIATE RELEASE
Contact: Patrick Keefe, CUNA Communications (202) 508-6765
pkeefe@cuna.com

Our thanks to President Obama for today signing what is arguably the single most important piece of legislation for credit unions to come out of Congress this year. Credit unions had been scrambling to meet the law’s provisions on open-end loans – even though the law was never meant to cover those loans. By signing the law, the president gives credit unions the opportunity to go back to doing what they do best: Serving their members with affordable and needed financial services.

Thanks also to all of the Leagues and the many credit unions who worked – often behind the scenes – to convince House and Senate leaders to pass this fix into law. Without their efforts, credit unions would still be reeling from the unintended consequences of this law.

Copyright © 2009 - Credit Union National Association, Inc.