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2009 AUDIO CONFERENCES

Update on the Fed's Interim Final Rule on the Credit Card Act

Originally held on July 28, 2009
Available until January 28, 2010
Tuition: $89 for the archive audio (live audio not included)

This audio conference is in partnership with the CUNA Lending Council.

On Wednesday, July 15, the Federal Reserve Board approved an interim final rule amending Regulation Z (Truth in Lending) requiring creditors to increase the amount of notice consumers receive before the rate on a credit card account is increased or a significant change is made to the account's terms.

These revisions are the first stage in the Federal Reserve Board's implementation of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act) and go into effect on August 20, 2009.

Those requirements include:

Creditors must provide written notice to consumers 45 days before the creditor increases an annual percentage rate on a credit card account or makes a significant change to the terms of a credit card account.
Creditors must inform consumers in the same notice of their right to cancel the credit card account before the increase or change goes into effect. If a consumer does so, the creditor is generally prohibited from applying the increase or change to the account.
Creditors generally must mail or deliver periodic statements for credit cards and other open-end consumer credit accounts at least 21 days before payment is due.

Join us on Tuesday, July 28 and hear from Jeff Bloch, CUNA's Senior Assistant General Counsel, Mike McLain, CUNA's Assistant General Counsel and Senior Compliance Counsel, Benjamin Olson, Senior Attorney for the Board of Governors of the Federal Reserve System and Mike Long, Chief Credit Officer at UW Credit Union in Madison Wisconsin and Chair of the CUNA Lending Council Regulatory Committee to hear about these new requirements and how credit unions are planning to implement them.

Topics & Objectives:

Details of the amendments to Reg. Z concerning the 45-day advance notice.
Details of the amendments to Reg. Z concerning timing of the periodic statement.
Problems credit unions may have in implementing these amendments.
Practical advice in implementing these amendments from a credit union expert.

WHO SHOULD ATTEND
This audio call will be valuable to anyone involved in the lending area at your credit union as well as CEOs, compliance professionals and directors.

ARCHIVE OVERVIEW
CUNA archived events enable staff to pick up new skills and keep up with daily responsibilities. Hearing the archived audio conference will enable you to hear a presentation, questions of the instructor, and refer to handouts. You need only a computer with an Internet connection and speakers. The archived event is made available within 48 hours of the live event. Please note: The same username and password you use to register will be used to access your archived event.

SPEAKERS
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.

Benjamin Olson
Senior Attorney, Board of Governors of the Federal Reserve System, Division of Consumer and Community Affairs

Suzie Rao
Suzie Rao joined BECU last year after nearly a decade in the wireless industry where she focused on regulatory compliance at the state and federal levels. Her duties at BECU include managing all lending and deposit compliance issues, including working with internal business units and outside counsel to implement new laws and regulations. Suzie also handles a variety of transactional issues for BECU including contract review, drafting and negotiation. Suzie has been a member of the Washington State Bar Association since 1992.

Mary Davis
Lending Compliance Office & Contract Administrator

Mary Davis joined BECU eighteen years ago, the last thirteen of which have been leadership roles within the regulatory, legal and operational compliance department. Most recently, Mary has specialized in lending compliance. Previously, Mary performed a variety of roles within the credit union, including within the risk management, collections, pre-litigation and loan loss recovery, foreclosure and real estate owned areas.

Faith Lleva Anderson
Faith is vice president – legal & compliance and general counsel for American Airlines Federal Credit Union. Faith oversees legal, compliance, anti-money laundering, government relations, and vendor management. She has been with the credit union since1996.

Anderson is currently vice chair for the American Bar Association's Committee on Credit Unions and co-chair of the Operations Subcommittee. She had previously served as co-vice chair of the Supervision Subcommittee. She will succeed as chair of the Committee on Credit Unions in August 2009. Anderson served a three-year term on the Federal Reserve Board's Consumer Advisory Council (CAC) ending in December 2007. She served as vice chair and then as chair of the CAC's Depository & Delivery Systems Committee and was the sole credit union representative on the 30-member panel.

Affiliation with CUNA/League is required for attendance.

For more program content information, call 800-356-9655, ext. 4249 or e-mail training@cuna.coop. For registration questions, call 800-356-9655, ext.4400 or e-mail reginfo@cuna.coop.

100% Guarantee
CUNA Center for Professional Development is committed to providing a quality learning experience with cutting-edge topics and expert instructors. If for some reason you are not fully satisfied, contact us and we’ll provide you a full tuition refund or credit.

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