Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Two Dubuque CUs offer tips on new card law
DUBUQUE, Iowa (6/10/09)--Two Dubuque, Iowa, credit unions are offering tips on how to deal with new credit card legislation signed into law by President Barack Obama. While Dupaco Community CU officials are still examining all the new rules, Matt Dodds, senior vice president for consumer lending, said he’s confident the law won’t result in any significant changes at his credit union (Telegraph Herald June 8). “Certainly not at Dupaco,” he told the newspaper. “But one thing you’re going to see change is more fees, bigger annual fees, [and] taking away benefits like frequent-flier programs.” Consumers need to pay attention to how they use their cards, Dodds added. To deal with the new legislation, Dodds said consumers should:
* Look for a card with a lower interest rate if a balance is carried over from month-to-month; and * Select a card with no annual fee and a longer grace period if expected to pay monthly bills in full and are not concerned about other features such as frequent-flier miles.
Jason Norton, senior vice president of marketing and business development at DuTrac Community CU, told the paper his credit union has received numerous calls from members about the legislation. He recommends that consumers:
* Read the fine print regarding any changes to or disclosures for a credit card account and don't hesitate to contact the credit card issuer or local financial institution with questions; * Question any unexplained finance charges or fees on a statement; and * Shop around for lower rates, and cards with fewer or reduced fees.
Other Resources

RSS print
News Now LiveWire
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
5 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
6 hours ago
.@growfinancial's #salsa sensation spices up seed giveaway #NewsNow http://t.co/rKmWVwwzot
6 hours ago
.@TheNCUA Office of Small CU Initiatives soon--maybe Nov.--will launch website for #CUs 2 research #creditunion vendors or service providers
6 hours ago
.@TheNCUA says late 2Q Call Report filers 2 pay total of $17,111 in penalties.Individual penalty range is $52 to $1,824;median is $256. 2of2
7 hours ago