Recent regulatory rulings by the Federal Reserve Board amending the Truth in Lending Act (TILA) require that we send you this notice to inform you of regulation changes that affect your loan. You will not be required to take any action in response to this notice.

The Credit Card Accountability, Responsibility and Disclosures Act of 2009 amends TILA and requires Midwest Credit Union to deliver a periodic statement to you at least 21 days before your next payment is due. To comply with this regulation, the actual due date of your loan will be updated. You do not need to sign any additional forms or contact the credit union for this change to take effect. The loan disclosure you signed when you first obtained your loan will suffice as authority to change your due date.

For the credit union to remain in compliance with the new regulations, starting with your September 2009 payment, your payment due date will change to the 28th of each month and will remain on the 28th thereafter until paid in full. A reminder of your payment due will be included on your monthly statement.

For you, there will be no change in how your payments are made or applied. If your loan(s) are on payroll deduction (weekly, bi-weekly, semi-monthly or monthly), your payments will continue to be applied as always. If you make your loan payments on a specific date of the month, you may continue to do so.

Although your statement will show a monthly payment, you may continue your current payment schedule without change or resulting penalty.

We are committed to making this transition as seamless and convenient as possible for you.
Answers to some frequently-asked questions about this change are available below. If you have any questions, please do not hesitate to call us at (314) 837-2500.