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
CUNA: CFPB Reg Z Changes Unlikely To Impact Many CUs
WASHINGTON (4/1/13)--In a new Final Rule Analysis, the Credit Union National Association notes that the Consumer Financial Protection Bureau's recent amendments to Regulation Z will likely benefit some credit card issuers, but should not have a major impact on credit union issuers directly, because credit union fees on members' credit card accounts are typically well below the limit.

Regulation Z generally limits the total amount of fees that an issuer may charge on a consumer's credit card account to 25% of the credit limit in effect when the account is opened.

The CFPB's final rule, which came into effect on March 28, amends Reg Z so that the limitation applies only during the first year after account opening.

The CFPB action specifically amends Section 1026.52 of Reg Z. In the Final Rule Analysis, CUNA Senior Assistant General Counsel for Regulatory Advocacy Luke Martone notes that all methods of compliance under previous regulation remain available to card issuers. The CFPB regulatory measure states that card issuers who were previously in compliance with Section 1026.52(a) of Reg Z "need not take any additional action to remain so."

For the full Final Rule Analysis, use the resource link.
Other Resources

CUNA Final Rule Analysis
RSS





print
News Now LiveWire
As expected, @TheNCUA #RBC2 plan is in today's Federal Register. Comment deadline is April 27. Proposal here: http://t.co/d80aXrRi9e
41 minutes ago
Through the snow, be on the lookout for a @CU4Kids @CMNHospitals @COOPFS billboard in @TimesSquareNYC this week
15 hours ago
.@CUNA , trades unite to urge Congress on #datasecurity action http://t.co/gzmZGX9nfF
18 hours ago
State of Wash. @dficonsumers has expanded its CAMEL ratings to include an "S" for interest-rate sensitivity.
19 hours ago
.@HUDgov tweets: Be sure to tune in tonight to watch @SecretaryCastro on @TheDailyShow with Jon Stewart http://t.co/B1L23NQaoJ
19 hours ago