Webinar - Big Changes Under Stage 2 of the Credit CARD Act
Tuesday, January 12, 2010
11:00 AM - 1:00 PM (ET) 10:00 AM
- Noon (CT)
Click Here To Register For This Webinar
Program Content:
Impacting not just credit cards...
The Credit CARD Act is a major piece of legislation that will have far-reaching effects on the credit card industry, of course, but even if you don't offer credit cards, there are provisions that will (or already do) impact your lending operations. Several of the Act's provisions cover other types of open-end credit accounts, including non-real estate lines and even HELOCs.
The Credit CARD Act rules are being implemented within Regulation Z in 3 stages; the first set of rules are already effective, requiring new change-in-terms requirements as well as at least 21 days between delivering periodic statements and a payment due date.
The second and third stages (that will take effect this coming February
and August) require changes in many areas, from rate and fees assessments
to new disclosure requirements. There are also new restrictions on marketing
to college students. How will all these changes affect your institution?
We'll address all the changes the Credit CARD Act contains in this webinar,
and lay them out in an easy-to-understand format, so you'll know exactly
what the changes are and when they're going to happen.
What You Will Learn:
New change in terms provisions for rate increases in "significant
changes" (already effective)
Length of billing period and late payment fees (already effective)
Restrictions on rate increases
Newly-prohibited practices, such as universal default and two-cycle billing
Required periodic reconsideration of rate increases
Promotional rate and fee increase timing requirements
Opt-in requirements for over-the-limit charges
Other fee limitations, such as method of payment and reasonable penalty
fees
Application of payments to high-rate balances first
Consideration of cardholders' ability to repay
New disclosure requirements, including minimum payment and payment due dates
Restrictions on credit card offers to those under 21 and college students
New requirements to post cardholder agreements on the Internet
Other provisions affecting gift cards, FCRA, Reg. E, and others
This will be an interactive session with several opportunities for questions and answers, so come prepared to discuss your needs and issues.