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Credit Card Act Requirement for Variable Rate Cards available

The implementation of the Credit Card act is coming up in just over three weeks. Some credit unions have had questions on how to implement some of the changes if they offer variable rate credit cards with a floor. CUNA met recently with the Fed to get clarification on these standards for variable rate cards with floors. The CUNA board staff recognized the sudden operational changes that these provisions will impose on credit unions and others and discussed possible guidance for credit unions that currently offer variable rates with a floor that is currently above the applicable index plus the margin. The Fed's guidance does provide some flexibility.

We have linked CUNA's summary to our new Regulatory Resources page. You can access it by clicking here. This is a password protected area, so if you do not have a username and password just click on the homepage and sign up through the yellow box that reads "LSCU Member Login Announcement."

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