The House Financial Services Committee on Thursday is scheduled to discuss and mark up legislation that would speed up implementation of the CARD Act and have provisions take effect on Dec. 1, rather than next Feb. 22.

House Financial Services Committee Chairman Barney Frank (D-Mass.) and Joint Economic Committee Chairman Carolyn Maloney (D-N.Y.) are the measure's sponsors and they say it is needed to prevent financial institutions from using the intervening period before the effective date to raise rates on consumers.

CUNA and NAFCU strongly oppose the measure and say it would add to the regulatory burden of credit unions.

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:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.