The Consumer Federation of America asked the Federal Reserve and Senate Banking Committee Chairman Christopher Dodd to give credit unions additional time to comply with provisions of a new law on mailing open-ended credit statements.
"We believe that the credit unions have identified legitimate implementation difficulties for a complicated and useful product that was not the primary focus of this requirement. CFA has worked with credit unions closely over the years, and we know that they will make every effort to comply with this provision as quickly as possible," said Travis Plunkett, the federation's legislative director.
The Fed is charged with enforcing the rules. He also wrote Dodd (D-Conn.) to ask him to contact the Fed on behalf of credit unions.
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