Possible Delay in CARD Act Date Posted by AVCU on 12:16 PM

U.S. House Financial Services Committee Chairman Barney Frank (D-MA) and Joint Economic Committee Chairwoman Carolyn Maloney (D-NY) are reportedly seeking a delay in mandatory compliance with the CARD Act (Credit Card Accountability, Responsibility, and Disclosure Act) which has been the cause of much scurrying by credit unions, who are primarily the sole victims of the 21-day statement to due date compliance issue. Frank and Maloney are set to hold a Capitol Hill press conference today at 2:00 pm to announce their proposed CARD Act delay legislation. Key lawmakers are holding a press conference tomorrow to announce legislation to speed up the effective date of the remaining CARD Act provisions to Dec. 1.

Joint Economic Committee Chairwoman Carolyn Maloney (D-N.Y.) and House Financial Services Committee Chairman Barney Frank (D-Mass.) will hold a Capitol Hill press conference on Thursday at 2 p.m. to announce the new legislation regarding the effective date of the Credit Card Accountability, Responsibility, and Disclosure Act.

The law, signed by President Obama in May, has given many credit unions heartburn regarding the 21-day requirement between the borrower receiving a bill and treating a payment as late. Some credit unions bill their cards more frequently than monthly according to member preference.