CFPA Update, CARD Act Date Change Posted by AVCU on 2:15 PM

The House Financial Services Committee has completed consideration of H.R. 3126, legislation creating the Consumer Financial Protection Agency. It passed out of committee by a vote of 39-29. Shortly, we’ll have more details on the details of the bill as it came out of committee.

This afternoon, the Financial Services Committee reconvene to consider H.R. 3639, the Expedited CARD Reform for Consumers Act. This legislation would move all of the outstanding effective dates in the CARD Act to December 1, 2009. Representatives Sherman and Capito are expected to offer an amendment to exempt small issuers (institutions with fewer than 2 million credit cards) from the new effective dates. CUNA supports such an amendment. A copy of CUNA’s letter to the Committee is available. Representatives Sherman and Scott are also expected to offer an amendment to strike from the bill the expedited effective dates for gift cards. Both amendments are expected to be accepted by the Chairman and passed by voice vote. Given the fact the Committee has been in session for the last five business days, this bill is expected to move through Committee quickly.