On-Site Coverage: NCUA Withdraws Regulation Superseded by CARD Act
ALEXANDRIA, Va. - On a unanimous vote after little discussion, the NCUA Board today withdrew rules issued by the agency and other financial services regulators last year aimed at regulating what they constitute as "Unfair or Deceptive Acts or Practices."
The regulations were superseded by the CARD Act that Congress passed last year. Some of the law's provisions took effect last year while the majority of them take effect on Feb. 22.
The law places limits on the ability of credit card issuers to raise rates, limits fees and limits fees on subprime credit cards. These were dealt with in the regulations that the NCUA and other regulators issued last year.
NCUA Staff Attorney Tonya Green told the board that many of the rules contained in the CARD Act were stronger than those issued by the regulators last year.