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

Washington
Inside Washington (01/05/2010)
* WASHINGTON (1/6/10)--Richard Blumenthal, Connecticut attorney general, is urging the Federal Reserve Board to mandate that credit card interest rates and fees return to last year’s levels after banks raised them because the Credit Card Accountability, Responsibility and Disclosures (CARD) Act was signed into law. He wrote a letter to Fed Chairman Ben Bernanke Monday (Dow Jones Jan. 5). Blumenthal cited an American Bankers Association letter that said big banks are charging “enormous” fee increases on low-risk consumers to recoup losses. The CARD Act was passed in May and goes into effect Feb. 22. Until then, interest rate increases apply to future purchase and current balances. After Feb. 22, companies can raise rates on future purchases but not on current balances unless a cardholder is 60 days past due on payments ... * WASHINGTON (1/6/10)--The Small Business Administration (SBA) has again extended its Community Express Pilot Program through Dec. 31, 2010. Credit unions are eligible for the program. The extension will help the SBA evaluate the changes it made to the program in 2008. Under those changes, SBA opened eligibility to any small business whose office was located in a HUBZone or Community Reinvestment Act designated area. It also restricted lenders to charge at maximum the standard 7(a) loan rates--2.25% over prime for maturities under seven years and 2.75% for maturities of seven years or longer; one additional percentage point for loans between $25,000 and $50,000; and two additional percentage points for loans under $25,000 ...


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
12 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
17 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
17 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
19 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
20 hours ago