Update from NAFCU on the Credit CARD Act

21-Day Fix on to President’s Desk; Reg Z Proposal: Timely Settlement of Estates

Posted: 29 Oct 2009 11:08 PM PDT – NAFCU Compliance

Update by Anthony Demangone 7:55 p.m., Thursday evening

I just received an email from our lobbying dynamo, Brad Thaler.   Just minutes ago, the U.S. Senate passed H.R. 3606 by unanimous consent. This bill would make a technical correction to the Credit CARD Act to limit the 21-day requirements to credit cards, instead of all open-end lending.  The legislation now goes to President Obama’s desk.  He is expected to sign it within days.

Many thanks to all of you for your help in getting this legislation to this point. We’ll update you on any developments.


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