* WASHINGTON (2/27/08)--Sen. Ron Wyden (D-Ore.) yesterday proposed legislation to rate credit cards on a five-star scale based on the cards’ consumer protections (CongressDailyPM
Feb. 25). His rating system is based on a National Highway Traffic Safety Administration crash ratings system. The system would provide a one-star rating to card issuers who change terms without notice. Issuers who give 90 days notice could earn more stars. Sen. Barack Obama (D-Ill.) is co-sponsoring the bill. There could be difficulty in determining the card ratings, asserted Leonard Chanin, associate director of consumer affairs at the Federal Reserve... * WASHINGTON (2/27/08)--Peer average ratios for December 2007 are available for single charter Financial Performance Reports (FPRs) on the National Credit Union Administration (NCUA) website.
Users can receive FPRs for a single credit union or aggregate data for multiple credit unions. They also can request a two-page FPR summary for one credit union online. The ratios on aggregate FPRs are consolidated ratios for the group of credit unions and do not represent peer averages for that group, the NCUA said ... * ARLINGTON, Va. (2/27/08)--Expanded regulation on consumer lending to the military could affect the availability of credit to military members and their families, said the National Association of State Credit Union Supervisors (NASCUS) in a response letter
to the Department of Defense (DoD) filed Feb. 25. The DoD requested comments for a report to Congress on the treatment of additional financial products and guidance on enforcing the consumer lending regulations to the military. NASCUS said it encourages financial education and a “robust complaint process” to curb abuses. Potential problems can be controlled by working with regulators, the association said ...