With a Senate debate and a presidential town hall meeting on the subject, proposed changes to the rules regarding credit cards will receive considerable attention this week.
The Senate is expected to consider legislation similar to a House-passed measure that would place restrictions on some of the charges that credit card issuers can levy. The provisions in the bill that CUNA and NAFCU are concerned about include limits on the amount of interest that can be charged; a ban on raising rates if a consumer is more than 30 days late on a bill; regulation of interchange fees; the creation of a Financial Products Safety Commission; and a provision mandating that gift cards be valid for at least five years and there be more transparency on fees.
Many of the other provisions are similar to regulations approved by the Federal Reserve and the NCUA, scheduled to take effect July 1, 2010.
Continue Reading for Free
Register and gain access to:
- 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
Already have an account? Sign In Now
© 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.