On August 20th several provisions of the recent Credit CARD Act go into effect. These include:
- Written notice to members of increase/change of credit card rates no later than 45 days prior to the change
- Member’s right to cancel before the new rate goes into effect
- Periodic statement must be sent or delivered at least 21 days before payment is due and before the end of the grace period
At this forum, we'll discuss these requirements and how to implement them at your credit union.