Well, it is 2010 and many of the laws that pertain to transactional documents are changing. If you are reading this, presumably you have some basic knowledge of the Laws involved, particularly “Reg Z” and the “CARD Act.” Some of the law’s requirements have already taken effect. Now, customer data, accuracy and document automation is more critical than ever.
One part of the law requires credit card issuers mail or deliver periodic statements at least 21 days before they are due. That is a change from the prior law, which was 14 days. Another part of the law that became effective August 2009 requires card issuers provide at least 45 days notice of any APR increase or other significant change in terms.
Please notice that these laws are all focused on CUSTOMER COMMUNICATION.
Massive Legislation - the cure for insomnia
Come February 22, 2010, we will have to deal with laws that are completely reshaping the way we handle transactional documents. The law imposes requirements that are likely add at least a half page to the average statement. This is a great opportunity for everyone in the TransPromo and marketing field.
An opportunity to open a dialog with our customers. An opportunity to use individual statements not only to comply with the law, but also to improve our communications with customers.
You can go to the FDIC website and read the entire legislation (if you ran out of Ambien). Or you can sign up at
White Space Universityto get all the information you need in a clear, concise, manner. All you need is a desire to learn (and a password). Hope to see you there.
