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.
Fryzel wrote that "full compliance may take some months" and the credit union industry "may experience difficulty in achieving full compliance, particularly in these uncertain times."
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In previous letters to NCUA and the Fed, CUNA and NAFCU have said that including open-ended loan products-such as lines of credit associated with share draft/checking accounts and home equity lines of credit-with credit cards would create expensive compliance costs for credit unions.
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