The Consumer Federation of America asked the Federal Reserve and Senate Banking Committee Chairman Christopher Dodd to give credit unions additional time to comply with provisions of a new law on mailing open-ended credit statements.
"We believe that the credit unions have identified legitimate implementation difficulties for a complicated and useful product that was not the primary focus of this requirement. CFA has worked with credit unions closely over the years, and we know that they will make every effort to comply with this provision as quickly as possible," said Travis Plunkett, the federation's legislative director.
The Fed is charged with enforcing the rules. He also wrote Dodd (D-Conn.) to ask him to contact the Fed on behalf of credit unions.
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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 Aug. 20.
Previously, NCUA Chairman Michael Fryzel wrote Federal Reserve Chairman Ben Bernanke on the issue, as did CUNA and NAFCU.
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