Round Two - Regulation Z Rules Implementing the New Credit CARD Act
ARCHIVE OPTION AVAILABLE
Can't attend at this time? Click here for the archived version.
October 20, 2009
1:00–2:30 p.m. Central Time
(2:00–3:30 p.m. EDT, 12:00–1:30 p.m. MDT, 11:00 a.m. – 12:30 p.m. PDT — Confirm the relative time in your area by visiting www.time.gov)
Tuition: $89 for the live audio conference (includes live and 6 months access to the archive)
Call-in Procedure
The Federal Reserve Board recently published a second set of proposed rules that implement certain provisions of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (CARD Act). The CARD Act enacted earlier this year prohibits and restricts a number of credit card practices.
This new proposal implements the provisions of the CARD Act that will become effective on February 22, 2010. The Fed is currently seeking comments on these proposed rules. This proposal follows an earlier interim final rule that implements provisions that were effective as of August 21, 2009. This includes the requirement to send periodic statements at least 21 days before the payment is due, which as of now applies to all open-end credit in addition to credit cards, and the requirement to provide a 45-day notice when the rate and certain terms of a credit card account are changed.
It is expected that both the interim final rule and the new proposed rules will be finalized together before the end of the year.
Join us and hear from our speakers about the following:
- Provisions that require minimum payment warnings on credit card statements
- Prohibitions regarding the increase of interest rates during the first year the account is open
- Requiring co-signers for consumers who are under the age of 21 in order to open an account
- Requirement that payments above the minimum amount be applied to balances with the highest interest rate
- A number of other requirements
Who should attend
This audio is beneficial for CEOs, management, directors, lending staff, compliance staff, and anyone involved in lending at your credit union.
Is a recording available for purchase?
Yes, you can share the information with other staff by ordering a recording of the audio conference (even if you couldn't attend the live call). Archives will be available within 24 hours of the live audio. Click here to register for the archived version.
INSTRUCTORS
Jeff Bloch
Jeff is a senior assistant general counsel for the Credit Union National Association. He represents credit union interests before the National Credit Union Administration, the Federal Reserve Board, and other federal agencies. Jeff also provides analyses on the impact of new and proposed rules that affect credit union operations and writes frequently for credit union publications.
Prior to joining CUNA's Washington office in 1999, Jeff was a senior attorney at the Federal Deposit Insurance Corporation. At the FDIC, he followed and analyzed federal legislation on issues affecting the banking industry, including bankruptcy and financial modernization. He also drafted documents and managed litigation on issues surrounding the failure of banks and thrifts and analyzed issues regarding the conversion of thrifts from mutual to stock form.
Benjamin Olson
Senior Attorney, Board of Governors of the Federal Reserve System, Division of Consumer and Community Affairs
Mike Long
Mike is the chief credit officer at UW Credit Union in Madison, Wisconsin and chair of the CUNA Lending Council Regulatory Committee.
Steve Salzer
Steve is the chief strategic, compliance, and legal officer for PSCU Financial Services.
Michael McLain
Michael is assistant general counsel and senior compliance counsel at CUNA in Madison, Wisconsin. He works with CUNA Center for Professional Development to ensure its products and services are in compliance with and accurately portray federal regulations affecting credit unions. He also answers compliance questions from state credit union leagues and credit unions. Mike is also a regular contributor of compliance related articles to CU Magazine. Prior to joining CUNA's legal department, McLain served for approximately 10 years as vice president and corporate counsel to a $300 million credit union in northeast Ohio and for nearly two years as vice president and corporate counsel to a $500 million credit union in central Pennsylvania.
Affiliation with CUNA/League is required for attendance.
How many people from my credit union can call in?
Each registration provides call access for one phone line or person. While the audio conference can be listened to by several people at once (in a conference room, for example), the registered individual is the only person who will receive transcript credit for attending.
CANCELLATIONS
Cancellation and refund requests must be in writing (or faxed to 608-231-4327) and are subject to a $30 service charge for the audio conference if cancelled seven days prior. No refunds will be granted if your cancellation is received seven days or less before the audio begins. Substitutions are accepted anytime before the audio conference starts.
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