Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NCUA Chairman Michael E. Fryzel today asked Federal Reserve Chairman Ben Bernanke to “give every consideration to the significant costs and operational difficulty” for credit unions to comply with a new law and regulations on mailing open-ended credit statements.

At issue is whether credit unions will be able to make the changes needed to be able to mail periodic statements for open-ended loan products 21 days before the payment is due. That provision, of the bill passed by Congress in May to overhaul credit card rules, is scheduled to take effect on August 20.

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
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.