The provisions of the new law and regulations on consumer credit are summarized in a regulatory alert issued by the NCUA.
Some of the changes, including rules requiring statements being mailed out at least 21 days before payment is due, take effect tomorrow while others take effect in stages through August 22, 2010.
The changes are provisions of the Credit CARD Act, which Congress passed and President Obama signed in May and also regulatory changes approved by the Federal Reserve.
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Some credit unions and their trade associations have said complying on the rules relating to open-end credit, which take effect tomorrow, would be burdensome. The NCUA noted in its alert that the Fed has recommended for a short period after August 20, credit unions should disclose "elsewhere on or with the periodic statement that the payment will not be treated as late for any purpose if received within 21 days after the statement was mailed or delivered."
The alert can be found at: http://www.ncua.gov/Resources/RegulatoryAlerts/Files/09-RA-07.docx
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