January 26, 2010 Credit Card Act of 2009 Update
February 22, 2010 Compliance Webinar

Additional Resources

February 5, 2009

CARD ACT COMPLIANCE REGULATIONS

The February 22, 2010 Credit Card Act Compliance regulations require that each credit union offer its members a 1-800 credit counseling phone number to access financial education and counseling. 

The ICUL Service Corp (LSC) has a “free” solution for you!!!

For all of the credit unions on LSC Card programs, we will provide your credit union, free of charge, our unique 1-800 National Locator Line phone number to be used by your members.  This service will ensure that your credit union is in compliance in relation to the 1-800 access to credit counseling requirements.  LSC will automatically set-up your credit union  on our program so you will be in compliance by February 22.  If you do not want your credit union to participate in the free service, please email our Implementations Department @ cardactcompliance@ilcusys.org and we will omit your credit union from this service.  You will need to provide us with the toll free number you plan to use, as this number is required on member statements.

Those credit unions not on our programs may enroll in this service at no charge simply notifying us of your intent by emailing the Card Act Compliance Team at cardactcompliance@ilcusys.org.  We will need the credit union name, address, number of cards, and who the processor is, and affirmation that your processor and statement vendors have been provided the toll-free number.

This is a great service and benefit to your members with no cost to your credit union.

To learn more about this program and to get all the details, please click here.