Welch CARD Act Fix Passes House Posted by AVCU on 5:35 PM

As reported earlier, the Welch bill moved quickly this afternoon. We’re just been told that the U.S House, on a voice vote, passed a the fix to the CARD Act that clarifies the 21-day notification rule applies only to credit cards. During discussion on the House floor preceding the vote, Financial Services Committee Chairman Barney Frank said the 21-day requirement on open-ended accounts was unintended and should not have been included in the CARD act. He added that the provision swept credit unions into the mix unintentionally and that credit unions were generally not responsible for abuses that led to passage of the CARD Act. He referred to (and submitted for the record) letters from CUNA and the NCUA, both of which urged him to fix the problem.

Senate action is still urgently needed for consumers and credit unions to realize relief. CUNA is urging senators to take similar action as soon as possible.