APPLETON, Wis. (12/30/09)--Prospera CU, based in Appleton, Wis., has told a local newspaper that new credit card rules won’t impact its members that much. And the credit union won’t be charging hidden fees or penalty pricing. The Appleton, Wis.-based, $148 million asset credit union was among financial experts i expressing optimism that consumers will become better money managers as a result of the new Credit Card Accessibility, Responsibility and Disclosure (CARD) Act, said the Post Crescent (Dec. 29). Mary Lornson, vice president of operations at Prospera CU, said members won’t see much impact in their cards at the credit union because Prospera already had been underwriting its cards in the best interest for members. With no fees or penalty pricing, the biggest change for members will be an increase in disclosures and changes to the statements they receive from the credit union. The credit union will have to retool its system to add more detailed billing, said Lornson. Billing statements arriving in late February or March will be longer and contain more detail, including how long it would take to pay off the balance with only minimum payments. The new rules aim to keep consumers from overextending themselves, Lornson told the newspaper, adding that consumers have more financial education tools available now. She later noted that Prospera has always advocated sound personal financial management. However, she predicted it would take time for the industry to absorb all the rule changes. The Credit CARD Act makes it more difficult to raise interest rates without cause or impose excessive fees on cardholders. Because many of the provisions won’t be effective until February, a number of banks, including Citigroup, Chase and Bank of America, have been raising rates and increasing fees to cover costs from delinquencies, the article said.