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President Signs CARD Act Fix
11/10/2009
This summer Congress passed the Credit Card Accountability Responsibility and Disclosure Act of 2009 and we were required to change how we handle all open-ended loan accounts. The Act required all financial institutions to comply with mailing statements 21 calendar days prior to your due date. Unfortunately the bill as it was passed was for ALL open-ended loans not just Credit Cards. Credit unions spent most of the summer struggling with ways to comply with this new requirement. As you are already aware, we sent out a notice to our membership and changed everyone's due dates to comply with the law. On November 6th President Obama signed the CARD Act Technical Corrections Act, H.R. 3606 into law. This will allow credit unions to continue to serve their members under the existing open end plan and is meant to be a "fix" to the federal law requirements of the 21 day statement rule. So for now, we will not be making any more changes unless another law or regulation becomes effective! Stay tuned and I will keep you updated. We will be closed tomorrow in honor of our Veterans. Please take a moment to thank our service men and women who take care of us each and every day.
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