CU credit-quality metrics stabilized in December

Credit union credit-quality metrics stabilized in December, while 2011 saw a rise in credit union assets and a reduction in the overall number of credit unions, according to a CUNA economist's analysis of December's monthly sample of credit unions. [Full story]

Cordray: CFPB goals can balance soundness concerns

2012 starts new round of NCUA rule review

Each year, the National Credit Union Administration reviews one-third of its regulations to identify any rule or provision that it deems 'outmoded, ineffective, insufficient, or excessively burdensome," and the agency just released its 2012 review list. [Full story]

CUs should alert members to EI tax credit: NCUA

Historic Fed meeting marks communication change 

In its first meeting of 2012, the Federal Open Market Committee--the Federal Reserve's policymaking body--is not expected to announce new policies such as more quantitative easing or similar measures. However, today's meeting will mark the first time in history that the Fed will provide projections for the Fed funds rate based on individual members' forecast. [Full story]

Cordray unveils plans for CU advisory council

NCUA confirms 2012 operating fee to drop 0.9% 

President Barack Obama Friday introduced a plan to combine several trade- and commerce-related agencies, a move he said would save $3 billion and eliminate more than 1,000 jobs over next 10 years. [Full story]

CNN Money: CUs are best borrowing alternative

Credit unions are the best borrowing alternative for consumers who are fed up with big U.S. banks, according to a Friday CNNMoney article. [Full story]

Fed: Consumers' debt in Nov. is largest hike since 2001

Consumers' debt in November totaled $2.48 trillion, rising $20.4 billion from October at an annual rate of 10%, reported the Federal Reserve's Consumer Credit report Monday. It is the largest increase since November 2001 and the highest level of borrowing since September 2009. Credit unions also saw increases in members' debt. [Full story]

NCUA clarifies new call report questions' intent

The National Credit Union Administration has clarified that new questions addressing minority credit unions and workplace diversity, which were added to fourth quarter call report documents with no explanation from the agency as to why, are required by the Dodd-Frank Wall Street Reform Act. [Full story]

'Larger participant' definition out soon, CFPB says

CFPB outlines info-sharing guidelines for large FIs

National CU Fin Ed Report released by NCUF

Roughly 1.6 million consumers received financial counseling or advice through a credit union, according to a new report released by the National Credit Union Foundation through its REAL Solutions program. [Full story]

NEW: White House to use recess appointment for CFPB director 

WASHINGTON (1/4/12, UPDATE 10:16 a.m. ET)—The White House today said it would claim use of it's executive powers to install Richard Cordray as director of the Consumer Financial Protection Bureau after the U.S. Congress failed to take action on Cordray's nomination before the current work break. [Full story]

Consumer Reports: Largest CUs' rates beat largest banks' rates 

The largest credit unions' rates have beat the largest banks' rates in a side-by-side comparison cover story in the prestigious comparative-shopping venue: Consumer Reports. And they did so in all areas compared. [Full story]

Study says switching banks may force choice: Fees or convenience? 

The movement to switch banks will force consumers to choose between fees and convenience, and it will be up to banking technologists to bridge the gap, according to Javelin Strategy & Research, in its latest report identifying trends for banking, payments, mobile and security in 2012. [Full story]

NCUA will rescind its big CU data request 

The National Credit Union Administration (NCUA) said it would rescind its request that the Office of Management and Budget allow the NCUA to collect monthly financial data and monthly executive and board compensation data from credit unions with at least $1 billion in assets. [Full story]

H&FF Radio shares college funding strategies

Sunday's H&FF Radio program covers college savings, financial planning for newly single women, job-hunting and financial lessons from the Amish. [Full story]

Catalyst Corporate sets town hall meeting schedule

Catalyst Corporate FCU announced Thursday the schedule for town hall meetings it will conduct in January and February to help credit unions transition from Western Bridge Corporate FCU during 2012. [Full story]

Tablets, RDC among the trends for CUs in 2012

What are the technology trends credit unions will mark during 2012? Experts say tablet technology, remote deposit capture, application development and QR codes will be at the forefront for credit unions. [Full story]

H&FF Radio examines credit score rules
Sunday's H&FF Radio program addresses new credit scoring rules, ways to save on college textbooks, credit restrictions for stay-at-home spouses, and "money types." [Full story]

CUs' mortgage loans noted by media

Consumers know now--thanks to Bank Transfer Day--that credit unions are good deals on checking and savings accounts. Two recent media reports also touted the benefits of getting a mortgage at a credit union. [Full story]

SIGTARP, CFPB, and Treasury Release a Consumer Fraud Alert to Protect Homeowners

Homeowners struggling to make their mortgage payments should beware of con artists and scams that promise to save their homes and lower their mortgage debt or payments.

If you are struggling to pay your mortgage and are seeking a mortgage modification, keep the following tips in mind.

CUs prepared for Bank Transfer Day--and the future
CU/System
Bank Transfer Day has come and gone, with credit unions well-prepared for extra business as consumers switch accounts from fee-toting banks. Last week they shared plans for wooing new members on Saturday and in the future. [Full story]

Bank Transfer Day momentum sure to continue, CUNA says
Washington
Bank Transfer Day was Saturday, but the benefits for credit unions, demonstrated both on that day and in the lead up, are likely to continue. [Full story]

H&FF Radio: Why, how to switch to a CU

H&FF Radio: Fight financial fatigue

NCUA advises examiners ahead of Bank Transfer Day

Credit unions will be interested to know that the National Credit Union Administration (NCUA) has advised its examiners on alternative ways to view how the sudden inflow of deposits and members caused by the planned Nov. 5 Bank Transfer Day could impact credit union finances.

Administration enhances foreclosure-help program

The Federal Housing Finance Agency, the federal regulator with oversight responsibility for Fannie Mae and Freddie Mac, announced changes Monday to the Home Affordable Refinance Program to attract more underwater borrowers who could benefit from refinancing their home mortgages.

ABC World News reports growing consumer interest in CUs

The move to credit unions by consumers upset with bank fees received more national media attention in a segment last night on ABC's World News.

CUs look good in USA TODAY's fees comparison with banks

USA TODAY's attempt to compare fees at the 10 largest credit unions and 10 largest banks showed credit unions to the advantage, with most credit unions charging no fees or fees significantly lower than banks, reported the newspaper Friday. [Full story]

 ELIMINATION OF VEHICLE REGISTRATION AND DECAL
 REQUIREMENTS

H&FF Radio: Fight financial fatigue
Sunday's Home & Family Finance Radio program covers Free Shipping Day, mortgages, and ways to fight
financial fatigue and stress.  [Full story]

Polls indicate consumers would switch

Americans' trust in fin. system drops, CUs score highest
Trust in America's financial systems has dwindled to 23%, down from 25% in June, and consumer anger
about the economy has increased, according to the quarterly Chicago Booth/Kellogg School Financial
Trust Index, released Wednesday. But credit unions rank the highest in trust of all financial
institutions.  [Full story]

'Turn to CU' media blitz continues
Momentum is still building as the "turn to a credit union" media blitz continues to spotlight credit
unions as alternatives for consumers fed up with big banks' debit card fees. Credit unions
found their way into USA Today, U.S. News and World Report and regional
media outlets throughout the country on Tuesday.  [Full story]

Consumer credit down for August, up for CUs
U.S. consumers borrowed an unexpected $9.5 billion less in August than forecast--resulting in the
largest decline in more than a year, said the Federal Reserve Friday. Both revolving and nonrevolving
credit dropped. However, borrowing at credit unions bucked that trend, with increases
in overall borrowing, revolving and nonrevolving credit.  [Full story]

N.Y. Times, 117 media outlets spotlight CUs, no fees

CUs reach out with no-debit-fee promos
Banks' new debit card fees have become the last straw for many outraged consumers. Credit unions
are jumping at the opportunity to let consumers know they can get a better deal at credit
unions through a variety of no-fee promotions and anti-fee advertisements.  [Full story]

Lawmakers boost MBL bills' visibility with support
Noting that one of the few things Congress can agree on is the need to create new jobs, Rep. Rob
Woodall (R-Ga.) took to the floor of the U.S. House Wednesday to call for greater support
of legislation that would increase the member business lending cap.  [Full story]

Cheney to Wash. Post: aSmarterChoice traffic up as banks hike fees
The media, members of Congress and consumers have caught on to the value of credit unions during
the debit card fee debate. CUNA President/CEO Bill Cheney told the Washington Post
Tuesday that traffic on its consumer website, aSmarterchoice.org, has jumped eightfold
since the news broke that Bank of America would charge a $5 a month debit card fee.
  [Full story]

Cheney says fees highlight CU difference, on Fox Biz Network
Washington

CUNA Economic Forecast puts economy in CU perspective
CU/System

USA Today: Fee gap between banks, CUs could widen

H&FF Radio covers online shopping, relationship finances

Hearing on ‘underserved’ sparks FOM request from NCUA
Easing some credit union membership criteria and increasing funding to the Community Development
Revolving Loan Fund would help credit unions aid the underbanked, the National Credit Union
Administration's David Marquis testified on Thursday.  [Full story]

Vale: CFPB wants to cut reg burden for ‘good guys’ like CUs
Minimizing the regulatory burden on "good guys" like credit unions, while making sure that the market
is not harmed by the actions of others, is a goal of the Consumer Financial Protection Bureau,
the CFPB's Elizabeth Vale told credit unions Wednesday.  [Full story]

CUNA addressing IRS CU exemption error
An assertion by the U.S. Internal Revenue Service that some credit unions are no longer tax-exempt
is "completely wrong" and something that CUNA will work on tirelessly to set the record straight,
CUNA President/CEO Bill Cheney said Thursday.  [Full story]

NCUA addresses CU disruptions caused by Irene -

Defense Council chair rings NASDAQ opening bell

NCUA to CUs: Ease member downgrade fears

Fed action means no short-term rate hikes soon, says CUNA

S&P drops Fannie, Freddie ratings, NGNs to AA+
Credit rating agency Standard & Poor's on Monday downgraded the credit rating for government-sponsored
enterprises Fannie Mae and Freddie Mac, as well as the ratings applied to the National Credit
Union Administration's Guaranteed Notes, to AA+ from AAA.  [Full story]

FOMC meets today amid economic turmoil

The Federal Open Market Committee will have a lot to discuss today as the Federal Reserve's policymaking
group meets to determine its next step to shore up the economy amid turmoil in the stock market
caused by the downgrading of the U.S. government's credit rating.   [Full story]

Bankruptcies down for first half of year

Today to see interchange, prepay plan action

Two issues of great importance to credit unions, the debit interchange fee cap and the corporate credit union stabilization fund prepayment plan, will be taken up later today.

July 25 brings new option for LICU qualification

Supreme Court to look at RESPA case

CFPB to meet on 'larger participant' definition

The Consumer Financial Protection Bureau has announced it will meet with stakeholders July 8 to work on a definition of what non-depository institution "larger participants" in the financial services market should fall under the bureau's purview.

CUs team up to support Cell Phones for Soldiers

Fed to consider final interchange rule June 29

CU efforts intensify at Fed as interchange delay fails in Senate

Fed Beige Book: Four districts see slowing growth

Fannie Mae releases delinquent mortgage rules

CUNA to Senate: Support amended interchange delay

CUs hit by tornados, CUAid activated

Tornados touched down in Missouri and Wisconsin Sunday, causing the National Credit Union Foundation to activate its online disaster relief system, CUAid.coop, to raise money for credit union people affected by a Missouri tornado.

Renacci to Durbin: Interchange fee cap is price fixing

Rep. Jim Renacci (R-Ohio) in a recent letter to Sen. Richard Durbin said the Illinois Democrat could remain consistent with his recent "commitment to ending price fixing" by allowing a vote on Senate interchange implementation delay legislation.

SECU a finalist in Defense Employee Support Award

CFPB sample mortgage disclosures ready for comment

The CFPB on Wednesday began the next stage of its mortgage disclosure simplification by releasing sample mortgage forms that combine two multi-page mortgage disclosures into one document.

Tester: 15-mo. interchange delay is 'bare minimum'

Sen. Jon Tester (D-Mont.), sponsor of a bill to postpone implementation of a statutory debit card interchange fee cap, said on the Senate Floor Wednesday that he would adjust his proposed two-year delay to 15-months to win over critics.

Retailers feel CU 'heat' on interchange: Cheney

Retailers "are feeling the heat" from credit unions and others urging a delay of a statutory cap on debit card interchange fees, said CUNA President/CEO Bill Cheney, which is clear by their pledge announced yesterday to escalate their fight over the next 60 days.

2011 'year of system intrusion,' says CUNA Mutual fraud expert

Last week's debit breach at retailer Michael Stores Inc., where at least 90 payment terminals in 20 states were tampered with, came as no surprise to Ann Davidson, senior consultant in risk management for CUNA Mutual Group, and others in the card security business.

Consider burden of complaints, CUNA tells CFPB

CUNA has urged the CFPB to take steps to ensure that the number of meritless complaints does not increase as that agency seeks to streamline the methods through which consumers can alert regulators to improper business practices at financial institutions.

CUNA to Congress: Merchant claims on card discrimination don't hold up

An argument of the merchants in supporting the coming interchange limits is that they will not discriminate against those who hold debit cards from smaller financial institutions, but CUNA and three other bank and credit union trade groups took issue with that claim in a letter yesterday to Rep. Shelley Moore Capito (R-W.Va.), author of the House bill to delay the interchange rules.

Delinquency trend shows improvement: CUNA

Dodd-Frank, tax reforms on Congressional agenda

FDIC announces July 8 as Bair's departure

GAO: CFPB, regulators must add to mortgage oversight

Consumer credit rose 3% in March, declined at CUs

U.S. consumers borrowed more than expected--$2.46 trillion--in March, roughly 3% or $6 billion more than in February, the Federal Reserve said Friday. Credit unions lent $219.7 billion in March--about $2.2 billion less than in February. While credit card debt stayed the same as in February for credit unions, their March nonrevolving loans slipped $2.2 billion.

Equifax report: Credit scores are up

The U.S. credit market is stabilizing and growing, and the nation's average credit score is increasing, according to Equifax's monthly National Credit Trends Report for March. That means more credit union members will meet eligibility requirements for loans.

Study: Consumers want human help in learning new technology

Four out of 10 consumers surveyed would prefer to learn about new financial services technology by talking with someone at their credit union or bank, rather than learning it on their own, says a new study.

Hard-hit CUs: 'Just being here means a lot'

NCUA should revisit interchange cost estimates: CUNA

April 21: State of the interchange rule

Today was the original statutory deadline for the Federal Reserve's final interchange fee cap proposal, but, as the agency announced last month, the day will come and go without a final plan being unveiled. CUNA and credit unions continue to advocate for a delay of the pending Fed rule, which is still set to go into effect on July 21.

In the media: CU perks for the little guy

Credit unions offer five perks for "the little guy," according to a recent article on Bankrate.com, which also appeared in Yahoo! Finance.

Banks still hide fees from consumers, says U.S.PIRG

Banks are still hiding their fees from consumers, even the fees mandated by the Truth in Savings Act, says a new study by U.S. Public Interest Research Group (U.S. PIRG). That's why one of the study's key recommendations is to "bank at a credit union, not a bank."

CU grassroots push on interchange needed in recess

Presidential Proclamation--National Financial Literacy Month

CUs' loan delinquency rate drop significant, says CUNA economist

Credit union loan delinquency rates finally broke out of their past 12-month range of 1.70%-1.80% in February, falling to 1.68%, according to CUNA's Monthly Credit Union Estimates for February, released Friday. And that's significant, says a CUNA senior economist.

Matz named chair of FFIEC

The Federal Financial Institutions Examination Council has named National Credit Union Administration Chairman Debbie Matz as its new leader. Matz will serve a two-year term at the helm of the council established in 1978 to promote uniformity in financial institution regulation

'Call on Congress' on interchange, CUNA urges CUs

Saying that "the time has come to more aggressively reach out to credit union members to broaden the grassroots effort on debit interchange issues," CUNA announced a host of new resources that will help consumers engage Congress on this issue.

Housing reform spotlighted in Senate, House

The Senate Banking Committee "needs to do its homework" and should "thoroughly examine federal housing policy" and identify problems within the current system "before Congress can consider legislation," Sen. Richard Shelby (R-Ala.) has said.

Bernanke: Fed won't hit April interchange deadline

The final version of the Fed's interchange fee cap proposal will not be released on April 21 as planned, but the Fed is still aiming for the rules to come into effect on July 21, Fed Chairman Ben Bernanke said in a Tuesday letter to members of Congress.

CUNA seeks Treasury backing for interchange delay

NACHA warns of second phishing scam

Tsunami didn't damage CUs, economy, insurance hit

Friday's catastrophic earthquake and tsunami in Japan and the resulting tsunami waves that hit Hawaii and the U.S. West Coast did not directly affect credit unions, according to CUNA Mutual Group and the World Council of Credit Unions.

State AGs want principal adjustments before foreclosure

A group of state attorneys general and several federal agencies have been negotiating a settlement agreement with the major mortgage servicers which could create a possible loan modification process that could be viewed as having a similar result as "cramdown" legislation, at least for the servicers subject to the agreement .

NCUA launches MyCreditUnion.gov

The NCUA on Wednesday launched MyCreditUnion.gov, a new website that will offer "a one-stop toolbox of educational information and personal finance tips designed to help individuals in making smart financial decisions and better choices for their money."

Udall introduces MBL bill in Senate

A bill introduced Tuesday in the Senate to increase the member business lending cap for credit unions could bring 140,000 new jobs and $13 billion of new small business lending into the economy, according to updated figures from CUNA. The economic benefits, CUNA underscores, come at no cost to taxpayers.

Fed projects 3.4%-3.9% for 2011 GDP growth

Federal Reserve policymakers hiked their core projections for the economy, predicting that Gross Domestic Product would grow in 2011 from 3.4% to 3.9%, according to the minutes of the Federal Open Market Committee's Jan. 25-26 meeting. That is somewhat higher than the projection of 3% to 3.6% made in November.

NCUA seeks small-issuer interchange exemptions

The Federal Reserve should add "meaningful exemptions for smaller card issuers" to its current interchange fee proposal, NCUA Chairman Debbie Matz said in a letter to Fed Chairman Ben Bernanke.

Stop, study, start over on interchange: CUNA

CUNA witness and credit union CEO Frank Michael today will urge Congress to halt the progress of the Federal Reserve's interchange proposal and study the impact that interchange changes would have on financial institutions and consumers alike.

Survey: Debit card rule means higher costs, restrictions

House panel to look at repeal of Form 1099-MISC changes

The House Ways and Means Committee has scheduled a look Thursday at a growing push to repeal a tax provision that would force companies to send 1099-MISC forms to any entity that has provided $600-worth of goods.

U.S. bankruptcy rate declines in 4Q for sixth time

Bankruptcies filed in the U.S. rose 8% during calendar year 2010, according to data released Tuesday by the Administrative Office of the U.S. Courts. However, the rate of growth of bankruptcies filed during fourth quarter 2010 declined for the sixth consecutive quarter for business filings and for the second quarter in personal filings.

NCUA details fin lit requirements for FCU directors

The NCUA in its letter to federal credit unions No. 11-FCU-02 sought to remind federal credit union directors of specific financial literacy requirements that will become effective later this year.

Treasury offers webinar on electronic benefit payments

The U.S. Treasury's Go Direct program on Wednesday announced a pair of February webinars to better educate financial institutions on a recent rule change that will require all federal benefit payments to be paid electronically.

Judge could decide CU claims against Fannie Mae

A potential ruling in a massive credit union suit brought against Fannie Mae could come within the next few months after the government-sponsored mortgage giant and a credit union each this week filed briefs regarding possible summary judgment.

Fed ends development of three Reg Z mortgage rule changes

The Federal Reserve Tuesday announced that it would halt work toward finalizing three pending mortgage rulemakings under Regulation Z.

CUNA comments on Reg Z changes

CUNA in a comment letter to the Federal Reserve said it does not support certain Regulation Z changes that go beyond the scope of a new $50,000 threshold for consumer credit disclosures.

CUs' loan volume drops--1st time since early 1980

Credit union loan portfolios nationwide collectively declined by 1% in 2010--the first time in roughly 30 years that their loans declined, according to a CUNA economist's analysis of December's monthly estimates of credit unions.

Interchange cap hurts consumers, warns league

The proposed cap on interchange fees will ultimately hurt consumers' pocketbooks, Minnesota Credit Union Network President/CEO Mark D. Cummins warned readers of Finance & Commerce newspaper last week.

Over 10% of 2011 CDFI Fund applicants are CUs

Credit unions currently represent 13% of the total applicant pool for the 2011 round of the U.S. Treasury's Community Development Financial Institution Fund Program, according to a Friday Treasury release.

Sen. Republicans, Democrats reveal committee assignments

Discover: Members, consumers less optimistic on finances

Although it noted that credit unions did not engage in the practices that contributed to today's economic mess, a new study indicates that even credit union members--"a typically confident group of consumers"--are feeling the economy's effects on their finances.

Matz urges changes to credit union capital statutes

To the detriment of consumers, current credit union prompt corrective action rules discourage some credit unions from marketing their "desirable products and services" out of concern that attracting increased share deposits could deflate net worth positions, National Credit Union Administration Chairman Debbie Matz warned key lawmakers Friday. Matz recommended Congress address by permitting a combination of supplemental and risk-related capital for credit unions.

Fed banks note moderate expansion of economy

Three NCUA small CU workshops coming in March

Fed unveils 'risk-pricing' consumer handbook

Reality Fair to be at Capitol during GAC

TEMPORARY PROCEDURES FOR MAKING FEDERAL GOVERNMENT DEPOSITS

Schenk to Bankrate.com: Savers face prolonged yield drought

People looking to bolster their savings during the next few years will have to deal with a paucity of interest rate yields, a CUNA economist told Bankrate.com Monday.

Interchange rule, even with two tiers, harms CUs: CUNA

Pending interchange fee rule changes will create issues for both credit unions and their members, as well as consumers in general, whether a two-tier fee system is followed or not, the Credit Union National Association has again warned.

H&FF Radio presents investing, financial checkup tips

Sunday's H&FF Radio program exposes investment tips that don't work and discusses survey results showing Americans are more frugal these days, why and when to get a financial checkup, and what the latest in ATM technology means for you.

Overdraft, NSF fees on NCUA Jan. agenda

The first National Credit Union Administration meeting of 2011 will take place on Jan. 13, and part 707 of the NCUA's Rules and Regulations, Truth in Savings, will lead the day's discussion.

What CUs should do in 2011--CUNA economist

CUNA's 2011 Economic and Credit Union Forecast reflects expectations that the economy will improve, but the level of growth associated with the rebound will be lower than what is typically seen in an economic recovery. This has implications for credit unions' actions, says a CUNA economist.

CUNA provides roadmap for reduced regulatory burden

The 112th Congress, which began on Wednesday, can help lessen the regulatory burden faced by credit unions by allowing supplemental capital, reviewing the Fed's interchange fee proposal, and lifting the MBL cap, CUNA said in a letter to Congress.

Help members with their No. 1 resolution

Check your credit report for unpaid medical bills

NCUA-safe' campaign attracts millions in donated ad space

The "NCUA-safe" ad campaign featuring personal finance expert Suze Orman touting the virtue of federal credit union insurance has tallied more than $2.6 million in free advertising for the National Credit Union Administration (NCUA).

CUs may get bank competition for workplace banking

Credit unions, which traditionally have maintained a stronghold on workplace financial services because of their close field-of-membership ties with employers, may see more competition from banks vying for that workplace banking slot.

Scams zero in on home equity lines

Identity thieves are having a field day with scams, particularly lucrative ones aimed at home equity lines of credit. Others have stepped up their card scams, and phishing and vishing efforts to take advantage of consumers' good will and inattention to details during a busy holiday season.

CUs’ 3Q credit card portfolios grow

Treasury finalizes Go Direct deadline

The U.S. Treasury this week finalized a rule that will require all federal benefits that are filed on or after March 1, 2011 to be paid electronically via the Go Direct program.

Prepaid debit cards could also see new regs

Legislation that would eliminate many hidden fees associated with prepaid debit cards and increase transparency regarding prepaid debit card fees was introduced late last week by Sen. Robert Menendez (D-N.J.)

Rep. Frank shares interchange concerns for CUs

The implementation of still-pending interchange regulations, if not properly crafted, "may have unintended consequences" for credit unions and consumers, Rep. Barney Frank (D-Mass.) recently said in a letter to the Federal Reserve.

As tax laws change in this uncertain economic climate, you can get reliable federal tax news directly from the Internal Revenue Service (IRS).

The Members Group (TMG) has released its Black Friday data, and the numbers confirm what the Federal Reserve has already declared: Debit is king of the transaction world.

Credit card delinquencies are continuing to drop in a decline that began in first quarter 2009 when 1.21% of all cards were at least 90 days delinquent, according to TransUnion, which predicted the decline will continue well into 2011.

Federal Reserve policymakers' announcement Tuesday that it will maintain interest rates on targeted funds and keep its existing quantitative easing policy of purchasing $600 billion in bonds is good for credit unions' future net interest margins, according to Steve Rick, senior economist with CUNA.

The National Credit Union Administration in a letter to credit unions has advised federal credit unions to carefully review the financial statements and capital adequacy of eligible third party brokers.

Consumers want to connect to FIs via social media

Consumers are interested in connecting with financial institutions through social media, according to recently announced results of a survey by Fiserv Inc.

20% of Americans spend more than they earn

One in five (20%) Americans spend more than they earn. Most (60%) don't have any rainy day funds. And about a quarter (24%) use non-bank loans. These were just some of the findings in a nationwide survey conducted by the Financial Industry Regulatory Authority (FINRA).

Auto loan delinquencies, repos down

Consumers did a better job repaying their auto loans during third quarter than they did during third quarter 2009. Both delinquencies and repossessions dropped, and lenders loosened loan criteria, according to Experian Automotive's quarterly analysis of the automotive credit industry

Interchange discussions will lead Dec. 16 Fed meeting

Interchange amendments will be on the agenda when the Federal Reserve holds its December open meeting this Thursday.

Senators urge greater interchange consideration by Fed

In an action strongly encouraged by the Credit Union National Association, 13 senators late last week wrote to the Federal Reserve to voice their concerns over proposed interchange regulations.

Interchange reg has CU implications--Filene study

A recent Filene Research Institute study looks at how federal regulation of interchange fees on debit card transactions will affect credit unions.

CUNA to Sen. Comm.: CUs serve as 'shining example'

In a statement submitted to the Senate Banking Committee, CUNA President/CEO Bill Cheney notes that while the credit union system still faces challenges, credit unions continue to lend while others abandon consumers and small businesses.

Fed: 75% of noncash payments are made electronically

More than 75% of all U.S. noncash payments made during 2009 were made electronically, a 9.3% increase over 2007's numbers, the Federal Reserve revealed in a study released on Wednesday.

Charitable giving: Be wise this holiday season

Consumer credit up 1.75% in October

Consumer borrowing unexpectedly rose $3.4 billion or an annual rate of 1.75% in October to $3.4 trillion--the largest increase since borrowing rose $5.7 billion in July 2008, said the Federal Reserve's consumer credit report released Tuesday. Total credit at credit unions also went up by $700 million to $225.6 billion.

New survey: CUs on top in customer satisfaction

Credit unions and small banks lead their larger rivals in customer satisfaction and loyalty, according to the Prime Performance 2010 Bank and Credit Union Satisfaction Survey released Tuesday.

CUNA analyzes savings-rate strategies for NY Times

The New York Times, in an article Friday on why earnings on savings may not be keeping up with inflation, turned to CUNA Chief Economist Bill Hampel to help explain why interest rates on depository institutions' savings accounts are barely above zero.

Report: Increased loyalty leads to higher loan volume

Credit unions that want to improve their lending volume should look to increasing their member loyalty levels, according to a report recently released by CUNA.

Deficit dropping proposal fails to move forward

A comprehensive deficit reduction plan that could trim nearly $4 trillion from the $13.8 trillion U.S. national debt over the next nine years failed on Friday to secure the 14 votes needed to move on to Congress

Boston Globe editorial: Banks need competition from CUs

Credit unions are a good option for U.S. consumers who are fed up with new or unexpected fees from large banks, according to an editorial in The Boston Globe (Nov. 26).

NCUA assessments could continue well below FDIC's: CUNA

The deposit insurance fund assessments charged by the National Credit Union Administration over the last three years have averaged 25% lower than the assessments that the Federal Deposit Insurance Corp. has charged to banks during that same time period, according to a CUNA white paper.

FinCEN plan allows limited SAR sharing

FinCEN on Tuesday released a final rule that FinCEN Director James Freis said would "promote the protection of Suspicious Activity Report (SAR) information while seeking to ensure that the appropriate parties, but only those parties, have access to SARs.

CUs keep troops in mind for holidays

With a strong legacy of serving members of the military and their families, credit unions nationwide are thinking of U.S. troops when they share the holiday spirit. Here's a look at how some credit unions are saying thank you to our soldiers worldwide.

30-, 15-year mortgage rates rise from record lows

The average rate on both 30-year and 15-year fixed-rate mortgages rose from previous record lows this week.

Filene report examines financial preferences of young adults

A new Filene Research Institute report examines the evolving financial preferences of online consumers and hones in on engaging and retaining young adults.

Slight decline in consumer credit at CUs

The total amounts in outstanding consumer credit, revolving credit and nonrevolving credit accounts held by credit unions all decreased slightly in Sept., the Federal Reserve reported in its most recent consumer credit report.

Administration's Finance Council announces first meeting

Bankrate blog: CU members in good company financially

Gift-card date change gets Fed final approval

The Fed on Friday officially published in the Federal Register an amendment that would provide a Jan. 31 effective date for rules that will require new disclosures on gift certificates, store gift cards, and general-use prepaid cards.

Bankrate.com: 'CUs offer great rates'

Bankrate.com recently highlighted credit unions' abilities to offer "a great rate" on deposit accounts because they are organized as nonprofit cooperatives.

Fed district banks paint a dull economy

House panel to investigate foreclosure issues

Potentially "improper and illegal foreclosures" will be investigated by the House Subcommittee on Housing and Community Opportunity on Nov. 18, Chairwoman Maxine Waters (D-Calif.) said this week.

Fed issues CARD Act clarifications, dates

Credit unions will want to note a proposal just issued by the Federal Reserve Board, one which is intended to help card issuers more fully understand their compliance obligations under changes to Regulation Z

One-third of consumers using online banking

More than one-third of American consumers use online banking services offered by their credit union or bank to manage their finances, according to the Third Annual Intuit Financial Services Online Financial Management Survey.

Fed rule to prohibit real estate appraiser coercion

Real estate appraisers will be "free to use their independent professional judgment in assigning home values without influence or pressure from those with interests in the transactions" following a Federal Reserve interim final rule release.

Crain's, pubs: Rock solid CUs haven for small biz

Credit unions remain financially rock solid and well-capitalized--offering lower mortgage rates, higher interest on savings accounts and an increasing number of small-business loans, according to articles in three publications.

DCUC CEO Arteaga named to President's fin lit council

Interchange rules unconstitutional, lawsuit charges

Decrying Sen. Richard Durbin's (D-Ill.) interchange fee legislation as "unconstitutional," TCF National Bank on Tuesday brought legal action against the Federal Reserve, the agency charged with implementing the law.

Foreclosures still a topic for Fed consumer advisers

The Federal Reserve Board announced Thursday that its Consumer Advisory Council intends to take up foreclosure issues again at its next meeting, on Oct. 21.

NCUA holds first post-corporate CU plan town hall

The National Credit Union Administration on Monday held the first in a series of town hall meetings to explain and gather input on its recently passed corporate credit union and legacy asset plans.

FTC proposal would further limit deceptive mortgage practices

The Federal Trade Commission last week moved to further prevent deceptive mortgage practices by proposing rules that would ban "all material misrepresentations in advertising about consumer mortgages."

NCUA reveals new corporate CU rule

The National Credit Union Administration on Friday revealed the final corporate credit union rule

Rates the same, Fed readies to ease policy

Fed policymakers said Tuesday they would keep the target range for the federal funds rate at 0% to 0.25% "for an extended period," and maintain its policy of reinvesting principal payments from securities holdings. But if the economy drops lower, their attempts to ease policy could have negative implications for credit unions' net margins, according to a CUNA economist.

New NCUA regime goes beyond corporate CUs

There will be much to absorb after this Friday's special open National Credit Union Administration meeting scheduled to take up new regulation for corporate credit unions, as well as present an update on the agency's corporate credit union legacy asset plan.

NCUA schedules a post-corporate CU rule town hall meeting

USA FCU, Navy Fed announce merger

Hyland urges due diligence, diversity at CUs

Speaking on Tuesday, NCUA Board Member Gigi Hyland urged credit unions to continue their due diligence efforts and "actively monitor" their loan portfolios and collection efforts.

High school students ‘challenged’ on fin. ed.

990 filers: CUNA reminds 'don't lose exemption'

CUNA wants to remind state-chartered credit unions of the importance of making very sure that they are filing annually with the Internal Revenue Service their Form 990, "Return of Organization Exempt for Income Tax."

CU tax exemption gets outside support

Imposing a tax on credit unions "would hurt Americans' pocketbooks, damage the economy, undermine the social purposes for which credit unions exist, and raise little revenue," a group of DC-based think tanks said in a letter to the Obama administration.

NCUA to CUNA: Expect merger registry in Oct.

The National Credit Union Administration (NCUA) said credit unions can expect a national merger registry "to be live by October." The registry, an idea initally recommended by the Credit Union National Association. would provide the names of potential credit union merger partners.

FFIEC proposes FOIA revisions

CUs in advisory panel report on tax options

The Presidential Economic Recovery Advisory Board has released a comprehensive report on possible tax revisions, each intended to simplify the tax system, improve taxpayer compliance with existing tax laws, and reform the corporate tax system. The credit union tax exemption is discussed on p. 79.

Savers seeking alternatives such as CUs

Consumers looking to save more of their money from being depleted by rising or new fees at banks may turn to credit unions or smaller banks as an alternative, according to a Thursday article in the San Francisco Chronicle.

H&FF Radio: Back-to-school ed resources, fraud prevention

Sunday's H&FF Radio program presents back-to-school warnings about identity theft and fraud, back-to-school resources from the federal government, ways to improve your credit profile and the advantages of using direct deposit.

Fed is reviewing checkhold rules

In reviewing the new financial reform law, comprised of more than 2,000 pages of text, CUNA's Mike McLain has noted that among the big changes are nestled some seemingly small ones of which credit unions should be aware.

CUs can draw two conclusions from Fed action, says Hampel

Credit unions can draw two conclusions from Tuesday's action by Federal Reserve policymakers, said Bill Hampel, CUNA chief economist, after the Federal Open Market Committee announced it would maintain the target rate for federal funds and reinvest in mortgage-backed securities.

CU loans, savings and asset trends see reversals in May

CUNA's monthly review of credit unions for May reflected three reversals in recent trends--in loans, savings balances and asset quality, according to a CUNA economist's analysis.

Cheney on board, outlines priorities as CUNA's new CEO

William "Bill" Cheney, who officially became president/CEO of CUNA over the long holiday weekend--on Monday--says his first priority upon taking the helm at CUNA is to assure a smooth transition of power during this volatile time for credit unions.

Frank underscores CU exemption from new interchange rules

House Financial Services Committee Chairman Barney Frank (D-Mass.), a central figure in the recently completed House-Senate financial regulatory reform conference report, assured his colleagues that the Federal Reserve's new rules governing interchange fees would not apply to credit unions or other small institutions with under $10 billion in assets.

With interchange, CUs oppose fin reg reform bill

Saying that debit interchange provisions "would not only adversely affect how credit unions provide access to members' accounts," but would also "increase costs to credit union members," CUNA President/CEO Dan Mica and affiliated credit unions urged legislators to vote no on the current financial regulatory reform package.

Senate conferees accept House option on interchange

CUNA on Tuesday repeated its call for credit unions to oppose Congress's final financial regulatory reform bill, as the House Senate lawmakers voted to accept a House proposal that retained portions of that bill that would modify current interchange practices.

CUNA: Lawmaker letter 'crucial' to interchange fight

CUNA President/CEO Dan Mica called a bi-partisan letter--as of late Friday signed by 105 House members to urge financial regulatory reform conferees to leave interchange language out of a final bill--crucial in building momentum against an interchange provision.

Mica in Bankrate: History shows consumers lose in interchange controls

In an online article by credit card expert Leslie McFadden in Bankrate.com, CUNA President/CEO Dan Mica says that if merchants win their fight to get government price controls on interchange fees, history shows consumers will reap no benefit.

Four out of five 'Net households bank online

Credit unions should note that four out of five households with Internet access use online banking services--primarily to access balance and account history, and transfer money between accounts--according to a Fiserv survey.

Wash. Times: Interchange limits equal higher check/ATM fees

Citing credit union concerns specifically, the Washington Times weighed in on the interchange battle raging right now in Washington, and in an editorial Wednesday said that asking the Federal Reserve to determine rates charged for use of the payments network would lead to consumers paying higher fees for checking and for ATM use.

WSJ: CUs more 'wholesome alternative' to banks

Credit unions are positioning themselves as "a more wholesome alternative" to banks beset by bailouts and scandals, and as result are seeing growth, The Wall Street Journal said Saturday. The Journal spotlighted better rates, lower fees, and attentive service at credit unions, compared with banks on many products.

Hundreds of CU reps to mobilize on interchange in Hill visits

Starting today, nearly 800 credit union representatives from across the nation will again spread the credit union message and, more specifically, will engage their respective elected representatives to drum up opposition to portions of the Senates financial regulatory reform package that address interchange fees.

Mica seeks NCUA support on interchange

In a letter sent to National Credit Union Administration Chairman Debbie Matz late last week, CUNA President/CEO Dan Mica urged the NCUA to "help educate members of Congress" that Sen. Richard Durbin's (D-Ill.) interchange fee legislation, if passed into law, would "significantly reduce net income" for credit unions that offer debit cards.

AARP, Consumer Reports: Time to check out CUs

Credit unions are the place to go if you want to move your money, AARP Magazine tells its 47 million readers in its July/August issue. The sentiments are echoed in the July issue of Consumer Reports.

CUNA, leagues rally CUs to action on interchange

As the effort to affect interchange legislation continues, CUNA and credit union leagues are encouraging credit union employees and members to contact their congressional representatives over the upcoming memorial day recess.

NCBA CEO touts CUs, co-ops in Forbes.com

Cooperatives embody the kind of corporate social responsibility the U.S. economy needs, the CEO of the National Cooperative Business Association wrote in an op/ed piece May 13 in Forbes.com. He cited in particular credit unions.

Senate, House prep next step of reg restructuring debate

With the Senate last week approving its version of financial regulatory reform, that legislation is now awaiting conference action between members of the House and the Senate.

CUNA update on Senate amendments

While interchange provisions in last week's Senate-passed financial regulatory restructuring bill received most of the attention, there were a number of other provisions addressed in the bill of interest to credit unions.

Credit unions prepare full grassroots alert over interchange

Credit unions should be prepared this week for a full grassroots action alert to both the entire Senate and House on interchange legislation once a conference committee on the regulatory restructuring legislation is "instructed," the CUNA advised its members Friday.

H&FF Radio reviews auto buying, airline deals, small biz strategies

Sunday's H&FF Radio provides ideas about better money management, small businesses strategies for hard times, ways to get deals on airline tickets and find the best hotels, and how to finance a car.

Phish attacks vs. CUs decline 8% in March

Phishing attacks against U.S. entities decreased 5% in March, with attacks targeting credit unions declining 8%, according to the most recent RSA Online Fraud Report.

NCUA expenses $170M to cover future CU losses

The NCUA on Thursday reported that it has expensed an additional $170 million from the National Credit Union Share Insurance Fund to its reserves to cover future losses related to natural person credit unions.

Senate clears reg reform, CUNA opposed with interchange in

Despite achieving numerous improvements to the Restoring American Financial Stability Act, CUNA ultimately opposed the financial regulatory reform package approved by the U.S. Senate late Thursday when it included provisions that would allow the government to intervene in setting interchange fees.

CU first in U.S. to plan Europe-style smart card

United Nations FCU in New York City is the first U.S. financial institution to announce plans to issue credit cards that comply with the Europay MasterCard Visa smartcard standard.

Recession shapes consumer choices for personal finance

The recession is shaping consumers' choices for personal financial tools, according to CO-OP Financial Services. Many consumers are weighing safety, convenience and services, and are discovering that credit unions are changing the way people manage their money.

CU biz lending gets support from Obama administration, markup coming

The Obama administration voiced support Wednesday for raising credit unions' business lending capacity, and House Financial Services Committee Chairman Barney Frank (D-Mass.) said his committee would consider an administration proposal to that effect--in a markup--"fairly soon."

H&FF Radio presents fraud, mortgage protection options

Sunday's H&FF Radio presents answers and options for consumers concerned about financial scams, homeowners unable to keep up with mortgage payments, and credit card users who need to know the new rules.

NCUA to consider splitting share insurance, corp. fees

Telling credit unions that the agency is "very mindful of the effect" that assessments have on their balance sheets, National Credit Union Administration (NCUA) Chairman Debbie Matz said that the NCUA would soon consider splitting the fees used to maintain its share insurance and corporate stabilization funds.

Interchange vote forces CUNA opposition to Sen. reform bill

Late Thursday the U.S. Senate voted 64-33 in favor of including Sen. Richard Durbin's (D-Ill.) interchange amendment in S. 3217, the Restoring American Financial Stability Act.

CU based in Virgin Islands gets regulators' scrutiny

A credit union chartered in the U.S. Virgin Islands with a Denver back office is promoting 6%-7% certificates of deposit in an ad on Google. And that has caught the eye of state and federal regulators, who are trying to determine if the credit union is legitimate or if it is a fraud.

CUNA: Interchange not just a 'big bank' issue

In a Wednesday letter, the Independent Community Bankers of America joined CUNA to oppose an interchange amendment that would "do nothing but increase costs and reduce choice for Main Street consumers and their local financial institutions."

Reg reform debate again held back by Senate

NCUA, FLEC promote financial literacy

The 2010 edition of Congressional Financial Literacy Day, which was again backed by the National Credit Union Administration, showcased the NCUA's newly created Office of Consumer Protection while also highlighting NCUA and credit union efforts to strengthen financial education.

CUs a topic on AOL's Walletpop

AOL's Walletpop Tuesday featured an article that tells why credit unions are "the good guys" and banks aren't, and directs readers to CUNA's website as the key source to find out about credit unions.

J.D. Power: Banks' brand image dropping

For the fourth straight year, customer loyalty and perceptions of brand image among retail banking customers continues to decline while satisfaction has leveled off, according to J.D. Power and Associates' 2010 U.S. Retail Banking Satisfaction Study.

CUNA: New health care extends tax incentives to small CUs

Thanks to recent changes to national healthcare policy, many small credit unions should be eligible for the "Employee Health Insurance Expenses of Small Employers" tax credit for small, tax-exempt employers provided by the recently passed legislation.

H&FF Radio delves into repos, better credit cards

Sunday's H&FF Radio examines the significance of a million-plus repossessed cars, why credit cards from a credit union may be the better choice, how individual development accounts work for people with low and moderate incomes, and how government agencies are cooperating to fight identity theft.

Bankrate: CUs have better deals on credit cards

Credit unions charge lower fees on credit cards than banks, according to Bankrate.com.

White paper suggests ‘financial training wheels’ for Gen Y

More members use cash back at POS

U.S. credit-union-member behavior has evolved since 2009, with 63% of respondents citing that their members' of point-of-sale use has increased since 2009, according to a new survey.

CU issues up in Congress, committees this week

Senate debate on S. 321, the Restoring American Financial Stability Act, could officially begin later this week if that bill has the 60 votes needed to move forward for full consideration.

Treas. digital push could save millions in funds, trees

In a bid to reduce costs, enhance customer service and minimize environmental impact, the U.S. Treasury on Monday announced "a broad new initiative to dramatically increase the number of electronic transactions that involve Treasury and millions of citizens and businesses."

CUNA to Reuters: Housing starts better than expected

Reg reform up for Senate vote this week

Improved perceptions could boost CU growth

About 77% of credit union leaders surveyed said consumer misunderstanding of credit union benefits over those of banks is the greatest challenge in attracting new members, according to a new survey.

Administration seeks public input on housing finance reforms

The Obama administration on Wednesday sought public comment on potential housing finance reforms, asking for direct input on how the current organization of the housing finance system can be improved and how that system can support "sound market practices."

House Fin. Committee discusses 2nd lien modifications

The House Financial Services Committee on Tuesday discussed the Obama administration's 2nd Lien Modification Program, or 2MP, which gives federally based incentives to second lien mortgage holders that write down or extinguish those second liens.

Another customer survey ranks CUs above banks

Members at credit unions continue to show much more satisfaction and better advocacy rates than customers of large regional or national banks, according to a recent study. Community banks also score higher than their large counterparts.

NCUA Chairman Debbie Matz last week remarked that the proposed changes to the corporate credit union system, which "will go a long way toward preventing another corporate crisis from ever occurring," would result in "fewer corporates, but stronger corporates."

ATM attacks have become more sophisticated--shifting from traditional skimming to use of malware inside ATMs or ATM networks, fraudulent mobile alerts and account takeover from stolen information, according to a new report.

Pres. Obama officially declares fin lit month

President Barack Obama late last week officially announced the beginning of financial literacy month, calling on Americans to "take time to improve our own financial knowledge and share that knowledge with our children."

Personal bankruptcies spike in March

Federal courts reported more than 158,000 personal bankruptcies during March--more than any other month since the Bankruptcy Reform Act was tightened in October 2005.

Financial literacy month, Youth Week teach money skills

Payrolls first significant step to health--Hampel to Forbes

Employment increased in March, but it will take years to recover the jobs that were lost, let alone produce meaningful expansion in the labor market, according to Bill Hampel, CUNA chief economist.

Financial crisis is subject of federal inquiry

H&FF Radio features advice on tax refunds, basic investing

New home sales drop means 'long slog,': CUNA to Bloomberg

With sales of new U.S. homes unexpectedly falling in February to the lowest level on record, it will be a long, arduous process for the sector to recover, Bill Hampel, CUNA chief economist, told Bloomberg Wednesday.

Gift card rules effective Aug. 22

Final rules to restrict the fees and expiration dates that may apply to gift cards, and to require that gift-card terms and conditions be clearly stated, become effective Aug. 22, according a Federal Reserve Board announcement.

Senate Banking to start reg reform votes today

The Senate Banking Committee later today will hold its first markup session on Chris Dodd's (D-Conn.) financial regulatory reform legislation.

H&FF Radio plumbs security breaches, military family resources

Sunday's H&FF Radio program delves into consumer security breaches, buying food locally, teaching your kids the psychology of money, and resources for military personnel and their families.

NCUA proposes to tighten CU mergers, conversion process

The National Credit Union Administration has proposed a significant rewrite of portions of Sections 701, 708a, and 708b of its rules to address the fiduciary duties of federal credit union directors, credit union to bank mergers, and charter and insurance conversions.

CUNA seeks CU improvements in Dodd's consumer protections

CUNA encouraged Sen. Chris Dodd (D-Conn.) to consider adding language that gives his proposed Bureau of Consumer Financial Protection "the authority to delegate examination authority for large credit unions to the prudential regulator" rather than limiting the National Credit Union Administration's authority to credit unions with under $10 billion in assets.

CU Profile notes liquidity, asset quality trends

Credit union liquidity increased and asset quality decreased, according to the U.S. Credit Union Profile report, CUNA's summary of National Credit Union Administration call report data released March 1.

CUNA watches for CU issues in Dodd's new reforms

CUNA Vice President of Legislative Affairs Ryan Donovan said that CUNA is looking forward to the release of Senate Banking Committee Chairman Chris Dodd's (D-Conn.) financial regulatory reform legislation on Monday, and will fully analyze the legislation once it is released.

USA TODAY: 'Check out cards issued by CUs'

Consumers should check out credit cards issued by credit unions to cope with an environment of new credit card fees and rules changes, USA TODAY said Tuesday.

House committee chair Frank: CRA to be re-examined

WASHINGTON (3/10/10)--Speaking during a Tuesday House Financial Services Committee hearing on community development financial institutions, Committee Chairman Rep. Barney Frank (D-Mass.) suggested that he and committee colleague Rep. Maxine Waters (D-Calif.) could soon re-examine and consider expanding the reach of the Community Reinvestment Act.

Cybercrooks step up targeted attacks by 50%

Cybercrooks or eCrime syndicates are expanding the base of the brands they exploit for online fraud far beyond major financial institutions and online merchants, said the Anti-Phishing Working Group in its fourth quarter Phishing Activity Trends Report.

Fed plan would shield card users from penalties, fees

The Federal Reserve has proposed amending Regulation Z "to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider increases in interest rates." The proposed rule is the third portion of the Fed's phased implementation of the CARD Act of 2009.

CUs' asset quality shows some deterioration

Credit union asset quality continued to deteriorate in January, with the delinquency rate rising six basis points to 1.92% from year-end 2009, according to a CUNA economist's analysis of CUNA's monthly review of credit unions for January.

Consumer satisfaction strong at CUs--new survey

Credit unions just added another notch to the consumer satisfaction belt. Credit unions--again--outscored other financial institutions in customer satisfaction--this time in the just-released University of Michigan's American Customer Satisfaction Index.

CUs' efforts continue to shine in media limelight

Credit unions have been basking in the media limelight the past couple of weeks, not only nationally, but at the local level, too.

CNN: CUs acknowledged for trust, credit cards

Credit unions were mentioned favorably in two segments Thursday of CNN Newsroom anchored by Tony Harris. The segments were about the most-trusted institutions and about credit cards.

Survey: ID theft at all-time high

The number of identity fraud victims in the U.S. increased 12% to 11.1 million adults in 2009--the highest increase since 2003, according to a new ID theft study. The total annual fraud amount increased by 12.5% to $54 billion.

CURE Celebrates 1st Anniversary

CFA-CUNA card survey reveals consumer reaction to rule changes

A recent survey commissioned by the Consumer Federation of America and CUNA revealed that, while most consumers (61%) are aware there are new credit card protections, most (65%) don't know they take effect later this month and don't understand the specific protections the U.S. Congress approved last year.

HFOT registration brings crowd, kudos for CUs

Credit unions and the Missouri Credit Union Association helped more than 100 community members in Columbia, Mo., register their services to help build Army Staff Sergeant Robert Canine a specially adapted home in a Home for Our Troops project.

H&FF Radio offers info to boost money IQ, GI benefits

Sunday's H&FF Radio program looks at boosting your financial IQ, finding quick money solutions, and transferring GI benefits.

Consumer awareness of card changes revealed in CFA/CUNA study

The level of consumer awareness of protections offered by new credit card requirements, mostly going into effect Feb. 22, is revealed in a fresh survey conducted by CUNA and the Consumer Federation of America, the results of which will be released during a press conference Monday, Feb. 8 at 10 a.m.

CUs' position to improve as labor, housing stabilize

As labor and housing markets stabilize, credit unions' financial position should improve, according to a CUNA economist's analysis of CUNA's monthly sample of credit unions.

Report: CUs well ahead of banks in consumer trust

Credit unions have a higher approval rating than banks on consumer trust, according to the latest Chicago Booth/Kellogg School Financial Trust Index (The Wall Street Journal Jan. 28).

NCUA underscores 'CUs offer better rates'

The National Credit Union Administration yesterday posted a press release highlighting the latest results from DATATRAC, Inc., which showed credit unions posted more favorable rates for consumers than banks in 21 of 23 loan and savings categories.

CARD Act compliance is CUNA audio conference topic

The Credit Union National Association on Feb. 2 will hold an audio conference call on the recent final rule that implements the provisions of the Credit Card Accountability, Responsibility and Disclosure Act that will become effective on Feb. 22, 2010.

Hampel: Obama plan limits banks' ability to woo customers

President Barack Obama's plans to limit big banks' size and trading capabilities will also limit their ability to woo new customers, Bill Hampel, CUNA chief economist, told Associated Press Thursday after the president's announcement.

CUNA News Now: Secret shopper schemes on the increase

Secret shopper schemes on the increase. WASHINGTON (1/21/10)--Credit unions should
warn their members there's been an increase in employment schemes pertaining

Fed's new variable rate credit restrictions cause issues for CUs

In the final rule issued last week that implements provisions of the Credit Card Accountability, Responsibility and Disclosure Act of 2009, the Federal Reserve Board indicated that credit unions that have a floor on their variable rate credit cards may not take advantage of the variable rate exception when increasing the annual percentage rates of those cards.

Mica encourages strengthening, not abandoning, CU charter

In a recently published letter to the editor of American Banker, Credit Union National Association President/CEO Dan Mica encouraged legislators to support "measures that would further strengthen" the credit union charter, "including alternative capital sources."

CBS Moneywatch, Suze Orman: Time to join a CU

It's time to say goodbye to banks and join a credit union, according to CBS Moneywatch.com, which touted credit union's lower fees, better rates and CUNA's credit union locator. Also this week on CNN, financial guru Suze Orman encouraged consumers to obtain credit cards from credit unions.

Fed issues final CARD Act rules

The Federal Reserve Board on Tuesday approved amendments to Regulation Z, Truth in Lending, which implement provisions of the Credit Card Accountability, Responsibility and Disclosure Act of 2009. The rules go into effect Feb. 22.

Consumer credit down 8.5%, CUs up in revolving credit

Consumer credit during November dropped a record $17.5 billion or 8.5%--nearly three times what economists expected--to $2.465 trillion, announced the Federal Reserve Friday. Revolving credit dropped 18.5%--but not at credit unions.

IRS plans new rules for tax return preparers

The Internal Revenue Service this week announced that it will soon propose tightening its regulation of paid tax return preparers by requiring them to register with the service and to complete competency exams.

Bankruptcies up, CUs in 'maintenance phase': CUNA

Personal bankruptcy filings hit 1.41 million last year--an increase of 32% over 2008. And credit unions can expect more chargeoffs during the post-recession, say CUNA economists.

Low consumer demand: CU lending in '09 slowest in the post-WWII era

Credit union lending activity in 2009 will be the slowest in the post-World War II era, according to a CUNA economist's analysis of CUNA's monthly sample of credit unions.

Spend it or lose it when it comes to gift cards

Redeemable gift cards are the gifts that keep on giving. To retailers. Over the next year, nearly $5 billion of the money that your well-meaning family members and friends shelled out for gift cards will go unspent.

CU CDs, switching to CUs, topics in media

Consumers seeking a New Year's resolution may want to consider putting their finances in order--by joining a credit union or choosing a credit union share certificate, according to media outlets.

Recession breeds lifelong savings habit, says report

As reported by CUNA, through October, year-to-date credit union savings balances experienced their fastest growth since 2001. According to a recent report from the National Bureau of Economic Research, the increased consumer attention to savings may not disappear any time soon.

H&FF Radio: IRAs, fraud-proofing kids, managing money

CUNA letter to Wash Post: Let CUs lend, lead

CNN tells why CUs are better

H&FF Radio advises on charity giving, spending plans

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