X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SACRAMENTO – A coalition of NAFCU, CUNA, several banking associations and several national credit card issuers trying to stifle the State of California’s pending credit card disclosure law have misunderstood a routine administrative opinion, according to briefs filed by the state in the case. The opinion has no relevance to the state’s position on the law, it argued. The opinion, developed by the state’s banking authority, reportedly argued for the governor vetoing the measure. The coalition asked to see the opinion as part of the discovery process. But the state refused and the plaintiffs have appealed believing that, should the document be entered into the court record, it could substantially support their case. But the state argued in its most recent brief that the document in question is not extraordinary and does not represent the banking department’s opinion at the time or currently. “Obviously, we can’t be sure what is in the documents until we see them. But it would be interesting to see the grounds on which an agency of the California state government was prepared to attack this legislation,” said Eric Richard, CUNA’s General Counsel. The court will decide the case December 6.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.