Receiving no help from the Federal Reserve, CUNA and NAFCU are pinning their hopes on a legislative fix to help credit unions deal with the provisions of the new credit card law regarding open-end credit.
At issue, is a provision of the Credit Accountability Responsibility and Disclosure Act, which took effect on Aug. 21, that requires statements on open-end accounts be delivered 21 days before they are due. Some credit unions have said they are facing logistical and other obstacles that are making compliance difficult.
Lobbyists for both groups said they are focusing on the Senate, which is likely to consider legislation they can attach the change to. One possibility is the various spending bills which fund the government's operations.
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