As a result of our current economic crisis which began in 2008, congress has approved far reaching regulatory change for financial institutions. As a credit union, we have reviewed and put into practice these changes, but because we think they are far reaching, an important question to ask is "What do all these changes mean to individual consumers?" Let's look at just the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 and amendments to Regulation Z.
The regulators have made some serious changes for the credit card industry and the loan industry over a one + year period. They say all changes are to be geared to help the consumer better understand their periodic statement and receive disclosure of pending changes. If you have a credit card or an open end consumer loan, you have probably have noticed these changes to your statements or received the new disclosures for these changes.
Here are a few of the changes you will see on your statements:
Here are a few new rules and disclosure changes required:
If you haven't noticed these changes, please look at your next monthly periodic statement or review recently received disclosures.
Are these items more readily noticeable? Is your statement easier to understand? If they are, the regulatory changes have served their purpose, if not, it seems there will have to be more regulatory changes coming!!!!!
Mary Ann Fischer, Internal Auditor