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Notification
September 1, 2009
Dear Member:
The Federal Reserve Board recently approved a new regulation* that requires lenders to mail or deliver periodic statements for credit cards and other open-end loans at least 21 days before payment is due.
The lending agreements that OPCS Federal Credit Union implemented in July 2006 are written so that all consumer credit, including auto, signature and lines of credit are considered open-ended and are covered under this new regulation.
To bring us into compliance with the requirements of this new regulation, please note the following:
· The due date for all your consumer loans has been changed to the 27th of each month.
· You will receive a monthly statement on your account
· For members that have their loan payments transferred automatically from savings, checking or payroll, the current transfer date will remain the same.
The change in your loan due date may extend the term of the loan.
If you have any questions, please call 716-662-1311.
Sincerely,
Lisa Burkhardt
Lending Supervisor
*Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act)
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