Requirements of the New Credit CARD Act
ARCHIVE OPTION AVAILABLE
Can't attend at this time? Click here for the archived version.
June 18, 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 new Credit CARD Act was just signed into law. Is your credit union ready? Discover next steps including working with agencies to formulate rules outlining how the requirements of the Act must be complied with. During this call, Jeff Bloch, CUNA's senior assistant general counsel and Mike McLain, CUNA's assistant general counsel and senior compliance counsel will provide an overview of the requirements and how those match the NCUA UDAP and the Federal Reserve's Regulation Z. Plus, Mike Long, chief credit officer at UW Credit Union in Madison Wisconsin and chair of the CUNA Lending Council Regulatory Committee will talk about the potential impact of these new rules on credit union operations.
Since we're still waiting for final rules, this will provide you an opportunity to ask your questions and to provide your concerns allowing CUNA to work with the agencies as the rule making process moves forward. This event is in conjunction with CUNA Lending Council.
Through this audio conference you will:
- Examine the different effective dates and restrictions on increasing the annual percentage rate
- Identify the limits placed on fees that can be charged and procedures that must be followed when changes are made in the interest rate
- Hear a discussion of the other restrictions such as due dates, late payment fees, minimum payment disclosures, and gift cards
- Explore the new restrictions on credit cards offered to students
- Get a practical look at implementing these new rules from a credit union practitioner
Who should attend
This audio conference will be beneficial for anyone involved in the lending area at your credit union as well as CEOs, compliance professionals, and directors.
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
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.
Mike Long
Mike is the chief credit officer at UW Credit Union in Madison, Wisconsin and chair of the CUNA Lending Council Regulatory Committee.
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.
Steve Salzer
Steve is the chief strategic, compliance, and legal officer for PSCU Financial Services.
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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