So now that we know that the Credit Card Act amended TIL section 163 - and we know that periodic statements must be mailed 21 days prior to the payment due dated, what are you all doing about this? Are you changing the date the statement goes out? or are your ensuring that no late fees are posted and that you don't report the account deliquent within that 21 day period?

We send the statement out 10 days prior to the due date. Late fees are charged on the 16th day after the due date, and we don't report deliquencies until the customer is 30 days late- to me, it seems like we don't have to make any changes-

Reread it again. If you have interest accrue during your 'grace period' a grace period it is not. You must be a minimum of 21 days out to yout contractual due date.

We changed the due date for our HELOC's and added a statement to the bill advising customers of the change. Did not change for our overdraft lines of credit since we do not late charge them at all.

Could you please tell me what section of Reg Z covers this? I need to read it and must be too panicked to find it!

Never mind. I think I found it!