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Compliance Blog covers open-end credit change-in-terms
NAFCU Regulatory Compliance Specialist Alma Calcano discusses the regulatory requirements for providing change-in-terms disclosures for open-end credit in the latest Compliance Blog post. This is the second in a series of three blogs on change-in-terms notices for different credit union products.
Calcano explains the basics of the change-in-terms provisions, including notice requirements, the form of the notice, exceptions and model language form and general disclosure requirements under the Truth in Lending Act, as well as special rules for Credit Cards and Home Equity Lines of Credit.
Calcano notes that "Regulation Z contains additional provisions and details for specific circumstances."
For more on the notices for open-end credit read Calcano's blog here. Those interested can sign up to receive new NAFCU Compliance Blog posts in their inbox every Monday, Wednesday and Friday here.