I attended the BOL training session on 8/6/09. Which was insightful, but having just received the FDICs FIL 44-2009 (8/6/09) I have a question I'd like to poise to either Mary Beth or Jack.

We have a loan which is used to provide overdraft protection for our DDAs. The payment of the loan is 24 days after the cycle date of the DDA. Will this comply with the quote below?

Quoting the FIL:

3. Time to pay: The Credit CARD Act amends TILA to require the payment due date for all open-end credit accounts, including credit cards, to be the same day each month.

In my linary thinking since every month has a different number of days in it (28,29,30 or 31) then the payment of our loan (24 days after the cylce) while meeting the 21 day rule, would not be the same day each month since depending on the number of days in a month the actual due date will float.

Thanks for the seminar it was great!

The regulation implementing that section of the Credit Card Act has not been issued yet, so your guess is as good as anyone's at this point. Stay tuned. Ibelieve the FDIC misspoke - it just goes to show how complex these changes are.

This newly isssued FIL makes it seem as though these requirements (same day of the month due dates) are effective 8/20/09, since it only covers the immediate changes. Thoughts?

I modified my previous post - I think the FDIC misspoke in that regard.

I e-mailed the FDIC and here is their response:

You are correct. We apologize for the confusion but the “same due date each month” requirement for credit cards (section 106(a)) does not take effect until February 2010 while the 21 day periodic statement requirement for all forms of open-end credit (section 106(b)) are effective on August 20, 2010. Look for a corrected FIL as soon as possible.

Again, sorry for the confusion and thank you for your inquiry.

And we all know that the August 20, 2010 should be August 20, 2009, right?

Oh - missed that. I hope in the updated FIL they don't dig a bigger hole.

Just got the REVISED FIL and the section I quoted originally has been changed! Imagine that.

http://www.fdic.gov/news/news/financial/2009/fil09044.html


Thanks everyone for the clarification.