Understanding the Recent Clarifications to the Credit CARD Act

Broadcast Live: Wednesday, August 10, 2011 • 2:00 p.m. - 3:30 p.m. EDT 

On-Demand Webcast Available until February 10, 2011

Post-Event Questions & Answers are Available Here!

In late March, the Federal Reserve finalized numerous clarifications to its Regulation Z rules implementing the Credit CARD Act.   

Some of these rules extend beyond credit card accounts and cover all open-end loans (except Home Equity Line of Credit’s HELOCs).  NAFCU's Director of Regulatory Compliance Steve Van Beek, and Senior Regulatory Compliance Counsel Sarah Loats Zimmermann, will walk credit unions through these latest clarifications which become effective October 1, 2011. Van Beek and Zimmermann will also provide a refresher for credit unions on Reg Z change-in-terms notice requirements and credit card renewal notices. 
 
The Federal Reserve's clarifications go beyond minor tweaks to Regulation Z and have the potential to significantly impact your credit union's lending programs. This webcast will help credit unions understand these new clarifications and how to adjust their current procedures by the October 1, 2011 compliance deadline.

This webcast will provide valuable information including:

• A summary of the recent clarifications to Regulation Z; 
• A detailed review of the Fed's determination to limit the ability of credit unions to use floor rates on open-end credit products;
• An examination of how a floor rate on an open-end credit product removes the ability to utilize Reg Z's "variable-rate exception;" 
• An outline of the Fed's expectations of disclosure requirements for preferred rates given to credit union employees; 
• An explanation of the inability to ask for "household income" on credit card applications; 
• A discussion of the new requirements for credit unions for tracking past APR rates for purposes of credit card "APR Reviews;" and 
• A refresher on change-in-terms and renewal notice requirements for credit card accounts.

NCCOs will receive 1.5 continuing education units for participation.

Speakers 

Steven Van Beek, Esq., NCCO, Director of Regulatory Compliance, NAFCU
Steve is responsible for all aspects of NAFCU's compliance assistance program and compliance-related products and services.  He previously served as Regulatory Compliance Counsel at NAFCU, where he assisted credit unions with a variety of compliance issues, addressed regulatory topics at NAFCU events and authored compliance articles for NAFCU publications, including the popular NAFCU Compliance Blog. Prior to that, Van Beek joined NAFCU as an intern with the regulatory compliance and regulatory affairs divisions.

Van Beek is a graduate of the George Mason University School of Law and is a member of the Virginia State Bar.  He received a bachelor’s degree in economics from Hope College in Holland, Michigan.

Sarah Loats Zimmerman, Esq., Senior Regulatory Compliance Counsel, NAFCU
Sarah advises credit unions on a variety of lending and operational compliance issues. In addition, she speaks on financial institution regulatory topics and authors compliance articles for NAFCU publications and the NAFCU Compliance Blog. While in law school, she interned for NAFCU’s regulatory compliance and regulatory affairs divisions, as well as for the general counsel’s office of a regional bank. Also, she was a judicial intern in the Circuit Court of Loudoun County, Virginia.

Ms. Zimmermann is a graduate of the George Mason University School of Law and Bucknell University and is a member of the Virginia State Bar.
 

Credit Union staff that will benefit from this webcast include:

NAFCU's webcasts include live streaming video and audio of the presenters along with presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time and there is no dialing in over the phone! The audio and video stream directly through your computer.

Registration Fees

On-Demand webcasts are available for up to 6 months after the live broadcast and are included in the registration fee.

Broadcast live from NAFCU's Headquarters in Arlington, VA.