Lending

The History of Credit Cards

October 19, 2009
By Bill Hardekopf The credit card industry is undergoing a major transformation in 2009 as a result of the Credit CARD Act and significant policy changes by issuers. This isn’t a new development but part of the evolution of credit cards. It’s interesting to look at the history of credit... READ MORE

CDCU Leaders: 'Nothing Is Impossible'

September 25, 2009
With more than five decades in the credit union movement, Rita Haynes has faced many challenges. But the CEO of $11 million asset Faith Community United Credit Union in Cleveland rarely expresses discouragement.   Rita Haynes : "Dare to dream," and don't be stifled by regulations.   Watch now .... READ MORE

Differentiate Cards With Merchant-Funded Rewards

September 25, 2009
By Kelly Passey How competitive are credit card rewards today? A recent report showed that consumers search online for the best credit card rewards 514,610 times a month, according to Orange Soda , an online marketing company based in American Fork, Utah. Add 8,200 searches made specifically for debit rewards... READ MORE

Turn Regulatory Lemons into Lending Lemonade

September 25, 2009
By Bill Klewin There’s much to be said about what massive changes to the regulatory landscape could bring to credit unions. To set the stage, we need to remember the changes we’re facing: * New rules regarding the Real Estate Settlement Procedures Act ; * New Regulation Z (Truth-in-Lending) rules... READ MORE

Compliance Q&A: Servicemembers Civil Relief Act

September 25, 2009
By Valerie Moss Q How should credit unions apply the Servicemembers Civil Relief Act's (SCRA) 6% interest rate cap to new advances under an existing credit card or open-end home equity line of credit program?   A SCRA’s 6% interest-rate cap applies only to outstanding balances on loans taken out... READ MORE

Loan Modifications Part II: The 'Most Important Thing CUs Will Do' This Year and Next

September 25, 2009
Bill Vogeney : "Take as many factors into consideration as you can" when doing loan modifications. Loan modifications are an unfortunate reality of the Great Recession: The percentage of modified first mortgages grew from 0.53% at year-end 2008 to 0.92% as of March 2009, according to CUNA’s economics and statistics... READ MORE

Contactless Cards: Lower Risks and Raise Rewards

September 25, 2009
Advancements in payment technologies continue to offer speed and convenience for members. But at the same time, fraudsters have become more resourceful in their abilities to penetrate these new devices. READ MORE

Guilt by Proximity

September 23, 2009
James Collins Outrageous card practices begged for legislation. Question: What do you get when you lock a million monkeys in a room with a million typewriters and wait a million years? Answer: Lots of monkey poop. You might also get the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of... READ MORE

Who's Afraid of Decoupled Debit Cards?

September 23, 2009
Judy Dahl It’s an innovative product, and one CUs should keep an eye on. “Open a debit card account with us and we’ll link it to your existing checking account. You’ll earn rewards for every transaction.” This is the type of message some mega card issuers spread to convince consumers... READ MORE

Members Get a Charge Out of Prepaid Cards

September 23, 2009
Patrick Totty Vendors offer an array of specialized card options. Brian Scott remembers when The Members Group introduced prepaid card products for credit unions. “It was about six years ago,” says Scott, vice president of sales for the Des Moines, Iowa-based company. “The primary impetus that pushed us into the... READ MORE

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