Today marks the first of two major Credit CARD Act of 2009 deadlines, and across the industry, credit unions and their processors have been working feverishly to comply with these changes in the law.

If you are a client of TMG, you can celebrate the change and rest assured that your credit union is compliant with these changes. 

Undoubtedly, some CUs were unable to prepare their systems to meet the 21-day statement mailing provision set forth by the Act, and if CUNA has its way, they will not be reprimanded so long as they show movement toward compliance.

According to the CU Times, CUNA President Dan Mica wrote the NCUA asking for patience:

“There is no question that the CARD Act is inflicting a significant toll on the credit union system.  In recognition of this and the range of other issues credit unions are facing, including the sagging economy and funding for NCUA’s corporate stabilization program, we urge you to direct NCUA examiners to work with credit unions as they reasonably determine what is their best approach for compliance.”

We are already looking forward to the next changes, and if the complexity and effort of the first deadline is any indication of how the second – February 21, 2010 – will play out, it’s going to be an interesting winter. But, we’re up for the challenge…