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Most CUs Exempted from Expedited CARD Act Measure

Credit card issuers with fewer than 2 million credit cards in circulation-including most credit unions-won't have to comply with the CARD Act earlier than planned, as a result of an amendment approved by the House Financial Services Committee.

By Claude R. Marx | Updated on October 21, 2009

Credit card issuers with fewer than 2 million credit cards in circulation-including most credit unions-won’t have to comply with the CARD Act earlier than planned, as a result of an amendment approved by the House Financial Services Committee.

The panel approved a measure to have the provisions of the bill to overhaul credit card laws take effect on Dec. 1, rather than next Feb. 22 as scheduled. But on a voice vote, lawmakers approved an amendment by Reps. Brad Sherman (D-Calif.) and Shelly Moore Capito (R-W. Va.) to exempt the small card issuers. Lawmakers also approved a credit union-backed amendment by Sherman and Rep. David Scott (D-Ga.) to exempt gift cards from the earlier compliance date.

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