Frequently Asked Questions

• Update
  
  Effective November 9, 2009, President Obama signed a modification to the Credit CARD Act of 2009 into law. The modification no longer requires credit unions to send out individual monthly loan statements on loans originally affected by the Credit CARD Act of 2009. The revision of this law may affect the loan(s) you have with FORUM.
  

    You will no longer be receiving printed individual monthly loan statements.

• What is the Credit Card Act of 2009?
  
  On May 22, 2009, President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. There are several protections to consumers in this act; one such protection states that, as a consumer, you are entitled to a periodic statement at least 21 days before your payment is due.   To learn more about this Act, visit www.federalreserve.gov.
• How does the Act impact me?
  
  FORUM utilizes multi-featured, open end loan agreements on all installment loans, line of credit loans and home equity line of credit loans.  For all loans, including installment loans, line of credit loans and credit cards, we are required to send a periodic statement before each payment due date disclosing payment and other information.  The monthly statement includes the necessary information; however, the Act requires the notice to be mailed 21 days prior to the due date.  In order to meet this requirement FORUM will begin mailing notices to all installment loans (this includes auto loans, personal loans, motorcycle loans) home equity line of credit loans, and second mortgage loans.  Loans on payroll deduction will have their payment frequency adjusted to monthly and the due date moved to and end of the month due date.  However, members can continue to make payments with payroll deduction payments on their chosen frequency.  Additionally, moneyline loan due dates will be moved to the end of the month as the monthly statement provides the necessary information to comply with the Act.
• If it is the “Credit Card” Act why does it apply to my auto loan?
  
  The Act refers to “all open end loans” which would include all BUT the following types of loans: Indirect Auto Loans (loans established through an auto dealership rather than direct with FORUM), First Mortgages, and Fixed Rate Second Mortgages.  The language in the Act included all open ended loans.  FORUM uses a multi-featured open ended loan agreement on several loan types not just credit cards.  Auto loans are just one of the many types of FORUM loans written on the multi-featured open ended loan agreement.
• What if I was making weekly, bi-weekly, or semi-monthly payments to my loan?
  
  You may continue to make your payments on the frequency of your choice.  FORUM will be changing the due date frequency of your loan to monthly.  Your new monthly due date will advance  when we have received the required number of payments to equal  a monthly loan payment amount.  Paying early on a less than monthly payment frequency (weekly, bi-weekly, etc) is completely acceptable.   You do not need to take any action to comply with this Act.  FORUM has made the necessary changes to insure your loan is in compliance with the new regulation and notice requirements.
• What if I don’t want to receive statements?
  
  We are required by law to provide written notice 21 days in advance of loan due date.  Members are not able to opt out of receiving these statements.  Within the first two months of complying with this new Act, members on CU Online will receive their loan statements electronically.  If you are not a CU Online member, you may enroll in CU Online by visiting the enrollment and login page.
• Why am I now receiving a notice on my home equity line of credit loan, I never did in the past? 
  
  FORUM home equity line of credit loans are written using our multi-featured open ended loan agreements and therefore by law we now much provide a loan statement at least 21 days prior to the next payment due date.  In the past all that was required was a loan coupon book making you aware of your next payment due date and amount.  The Credit Card Act of 2009 changed what financial institutions are now required to provide to members with loans.
• Will I still have a grace period on my loan?
  
  Yes. You will continue to enjoy a 10-day grace period before a late charge is assessed to your loan.  The Credit Card Act of 2009 only impacts notice requirements for open ended loans.
• If I am receiving a loan statement, will I still receive a loan coupon book?
  
  The loan statement will now include a payment coupon.  You will receive this loan statement each month approximately 21 days prior to the payment due date.  FORUM will no longer be printing coupon books for loans that receive monthly loan statements.  The new notice replaces the coupon book.
• The due date on my moneyline loan was changed to the end of the month but I prefer to continue paying it on the 15th of the month.  Do I have to change the date I make my payment?
  
  You do not need to change the date you are making your payment even if your due date on your moneyline loan was changed to the end of the month.  In order to comply with the Credit Card Act of 2009 through the use of your regular monthly statement, FORUM moved your due date to the end of the month.  All of the required information is included in your monthly statement for moneyline loans.
• I am receiving a statement for one of my loans but not on another loan I have with FORUM.  Why is that?
  
  The Credit Card Act of 2009 only applies to loans that are advanced under an open ended loan agreement.  Certain loans provided by FORUM are written using closed end loan agreements.  Examples include loans initiated at a dealership, first mortgage loans and certain second mortgage loans.

If you have a question that is not covered here, please click on "Live Help" to chat with a FORUM Representative.