WASHINGTON – The House easily approved a bill yesterday to clarify that the 21-day notice provisions of the Credit Card Act of 2009 relate only to credit card billing. The bill now goes to the Senate where its prospects are less clear.
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Credit unions have been lobbying Congress for the clarification because the new credit card law relates to all forms of open-ended credit and potentially causing changes to credit union bill on all other forms of open-ended credit.
Prior to the vote on the bill House Financial Services Committee Chairman Barney Frank said the measure is needed to help credit unions "who are a very important part of this country."
