Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Consumers look to CUs on CARD Act counseling
SILVER SPRINGS, Md., and WASHINGTON (1/29/10)--Credit unions have teamed up with the National Foundation for Credit Counseling (NFCC), which has enhanced its National Locator Line (NLL) to support new requirements, effective Feb. 22, of the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009. As of Feb. 22, credit unions and other card issuers will be required to prominently display on their statements a toll-free number providing cardholders information about accessing credit counseling with nonprofit credit counseling agencies, said NFCC in a press release Tuesday. "Not only will this information help make consumers aware that help is available, but it will add a layer of protection by directing them to government-approved nonprofit counseling agencies for assistance," NFCC said. The Silver Springs, Md.-based organization said more than 200 lenders--many of them credit unions--had signed up with its network to assist consumers in need of financial counseling and education. Others signing up included representatives of the top 10 creditors accounting for tens of millions of monthly statements, said NFCC. The NLL line is up now, and credit partners began issuing statements with the NFCC's NLL this week. On Tuesday, the Credit Union National Association (CUNA) will conduct an audio conference call on the recent final rule implementing the CARD Act provisions effective on Feb. 22. The audio conference will be 1 p.m. -2:30 p.m. CT (2 p.m.-3:30 p.m. ET, 12 p.m.-1:30 p.m. MT, 11a.m.-12:30 p.m. PT). Among the issues it will address are:
* Minimum payment warnings on credit card statements; * Prohibition of an increase in interest rates during the first year an account is opened; * Requirement of co-signers for consumers who are under the age of 21; * Requirement that payments above the minimum be applied to balances with the highest interest rate; and * The restrictions on increasing the annual percentage rate on credit cards.
For more information about the audio conference, use the link.
Other Resources

RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
10 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
5 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
6 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
7 hours ago