WEBINAR: Credit Card Accountability Responsibility and Disclosure Act of 2009

Overview

Broadcast on:	June 16, 2009
Duration:	90 minutes
Presenters:	Karl Kaufmann, Partner, Sidley Austin, LLP John Van De Weert, Partner, Sidley Austin, LLP Leonard Chanin, Associate Director, Division of Consumer and Community Affairs, Federal Reserve Board
Moderator:	Steve Zeisel, Vice President and Senior Counsel, Consumer Bankers Association
On-Demand Fee:	$95
Webinar Registrants:	PRESENTATION      HANDOUTS    (Login required)

The bill calls for profound changes in the manner of marketing, delivery, servicing and pricing of credit cards. Most of the new requirements will go into effect within 9 months of enactment; and several provisions even sooner. These changes both expand upon the regulatory reforms recently passed, and force the industry to shift gears more rapidly. There is little time to respond and much to accomplish.

This webinar focuses on these new requirements, what you need to know, and what need to do in order to begin complying. Among the many significant new requirements of the statute that will be covered are:

• Prohibiting raising rates on existing balances except for 60-day delinquency
• 45-day notices required for all rate increases
• Opt-in for overlimit charges
• Required payment allocation from highest to lowest balances
• Restrictions on marketing cards to consumers under 21 and to students
• Restrictions on gift and prepaid cards
• Requiring "ability to pay" before opening accounts or raising limits

Make sure you have all of the information regarding this new bill in order to comply.

	Leonard Chanin is Associate Director of the Federal Reserve Board's Division of Consumer and Community Affairs. He has principal oversight responsibility for the Regulations branch of the Division, which includes the legal analysis and regulation drafting functions.
	Karl F. Kaufmann's practice focuses primarily on regulatory and legislative issues affecting financial institutions, with an emphasis on retail banking. Kaufmann focuses on issues pertaining to privacy, payment systems, consumer loan products and consumer bankruptcy.
	John Van De Weert practices in the firm's Financial Institution Regulatory group in the Washington, D.C. office. He has extensive experience advising clients on compliance and litigation issues under the Truth-in-Lending Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, and Real Estate Settlement Procedures Act, as well as under various state unfair and deceptive trade practices statutes. He has also worked extensively on consumer arbitration provisions in financial services agreements.
	Steven Zeisel is Vice President and Senior Counsel for the Consumer Bankers Association. His practice covers a wide range of legal and regulatory issues associated with areas of consumer financial services. He is an author and speaker on issues related to consumer credit regulation, Truth in Lending, CRA and Fair Lending.

• How our webinars work 

Questions? Contact Aleks Maksic, CBA Registrar, (703) 276-1750.

Who Should Purchase

Compliance officers, legal counsel, retail counsel, marketing personnel, retail banking officers, credit risk managers, small business executives.