The Credit Union League of Connecticut is urging its members to ignore a call to action by NAFCU on changes to recently passed credit card legislation.
Today's issue of the league's daily bulletin urged members not to contact their lawmakers on the issue-as requested in a "call to action" issued yesterday by NAFCU-because grassroots efforts "are not appropriate and may be counterproductive as this issue is awkward to navigate."
The league said it is "in negotiations" on the issue with Senate Banking Committee Chairman Christopher Dodd (D-Ct.).
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Much of the concern focuses on the provision in the recently passed law overhauling credit card rules requiring that credit unions mail period statements for credit cards and open-ended loan products 21 days before the payment is due. The trade associations say including open-ended loan products-such as lines of credit associated with share draft/checking accounts and home equity lines of credit-would create expensive compliance costs for credit unions. That provision takes effect on August 20.
NAFCU Senior Vice President Jay Morris said his association believes negotiations and grass roots activity are the most effective way to achieve their goals.
"Though we have been working closely with Chairman Dodd and his staff on this issue, along with the Fed and others, we asked a few credit unions to call to convey the importance of the 21-day-notice issue. This has become one of the most important issues facing our members, and it was discussed in several sessions last week at our Annual Conference. Our members asked us to act, and that is what we did as a member-driven organization," Morris said in an e-mail.
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