Questions about the Good Faith Estimate and Settlement Statement?
New Good Faith Estimate and Settlement Statement Instructions: A password is required for this exclusive information...please email support@oaktreebiz.com
GFE and HUD 1-A INSTRUCTIONS

Most Frequently Asked Questions Regarding Minimum Rates

Q. Do I have to eliminate the minimum rate from my credit card products?
A. Not at all.

Q. What will happen if I don’t eliminate the minimum rate from my credit card products?
A. Creditors that have a minimum rate will be prohibited from increasing the rate they charge [when the underlying index increases].

Q. If I decide to eliminate the minimum rate when must that change be effective?
A. February 22, 2010

Q. Can't I simply keep the minimum rate for now, and then eliminate it at a future date once the index increases to a higher level?
A. No. To do so could result in overcharging the consumer.

Q. Can I increase the margin and have the increased margin apply to both the existing balance as well as new transactions that occur after the effective date?
A. No. While creditors may increase the margin applicable to future transactions, any existing balance would be protected and not subject to the increased margin and rate.

Q. I offer credit card accessibility for my Home Equity Lines of Credit. Does this change apply to those products as well?
A. No. These requirements apply only to consumer credit card accounts that are not home secured.

Problems? Questions? Comments?
Contact Oak Tree Data Services Department
or call toll-free 1-800-537-9598