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From the October-21, 2009 issue of Credit Union Times Magazine • Subscribe!
House Passes CARD Fix
On a voice vote following minimal debate, the House last Tuesday approved a measure giving credit unions and other financial institutions more flexibility on providing notification to consumers about non-credit card accounts.
At issue is a provision of the Credit Accountability Responsibility and Disclosure Act, which took effect on Aug. 21 that requires statements on open-end accounts be delivered 21 days before they are due. Some credit unions have said they are facing logistical and other obstacles that are making compliance difficult.
The measure's sponsor, Rep. Peter Welch (D-Vt.), said it was needed to allow financial institutions to continue to offer consolidated statements.
The bill now goes to the Senate and lobbyists for CUNA and NAFCU said they were uncertain when that chamber will consider the measure.
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