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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