NCUA Chairman Michael E. Fryzel today asked Federal Reserve Chairman Ben Bernanke to "give every consideration to the significant costs and operational difficulty" for credit unions to comply with a new law and regulations on mailing open-ended credit statements.

At issue is whether credit unions will be able to make the changes needed to be able to mail periodic statements for open-ended loan products 21 days before the payment is due. That provision, of the bill passed by Congress in May to overhaul credit card rules, is scheduled to take effect on August 20.

Fryzel wrote that "full compliance may take some months" and the credit union industry "may experience difficulty in achieving full compliance, particularly in these uncertain times."