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.
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NAFCU Director of Regulatory Compliance Anthony Demangone told a House panel earlier this month that "many credit unions don't have the resources to fully implement the letter of the changes in such a short time period."
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