Lending

CARD Act, Proposed CFPA Remain Major Concerns

September 23, 2009
Mary Dunn Serious issues with the 21-day rule persist. Whether financial reform can proceed in Congress is unclear. But one component of the Obama administration’s reform package that could advance is the proposal for the new Consumer Financial Protection Agency (CFPA). While the prospects for Senate action on the proposed... READ MORE

Reg Z Revisions Keep Coming

September 23, 2009
Nichole Seabron Changes affect fees, disclosures, and advertising. The Federal Reserve Board’s revisions to Regulation Z (Truth in Lending) definitely will affect how your credit union does business—in both major and minor ways. It’s worth taking a closer look at two amendments in particular: the changes under the Mortgage Disclosure... READ MORE

An Opportune Moment

September 23, 2009
Dianne Molvig Use the consumer backlash from banks’ credit card practices to your CU’s advantage. Like a lot of people, Bill Winter still gets credit card offers in his mailbox, but not as many. And the ones he gets aren’t very appealing. “I got an offer the other day that... READ MORE

The Evolution of Credit Cards

September 23, 2009
    The credit card industry has certainly had a colorful past, but it’s now at a crossroads. Robert D. Manning The U.S. credit card industry’s lust for ever-greater profits—the highest in retail banking—has collided with the consumer-led recession and the collapse of the conglomerate structure of commercial banking. It... READ MORE

Hispanics Drive Member Growth

September 23, 2009
Attracting and serving Hispanic members drives membership growth and bolsters the bottom line. READ MORE

The First Supper

September 23, 2009
An embarrassing moment sparks a multibillion dollar industry. In 1949, Frank McNamara, head of the Hamilton Credit Corp., went out to eat with some of his buddies. At the dinner were Alfred Bloomingdale (grandson of the founder of Bloomingdale’s department store) and Ralph Sneider, McNamara’s attorney. The three men ate... READ MORE

Loan Modifications: Lessons From Ent FCU

August 27, 2009
Roughly 70% of members with modified loans resume their original payments. READ MORE

Take the Paper Out of Lending

August 27, 2009
Eliminating paper from the lending process saves credit unions money and makes them more efficient, say Scott Cowan , vice president of sales and marketing, and Teri Rosquist , marketing assistant for Millennial Vision Inc . (MVI). Getting to that point takes some work, the right tools, and a new employee... READ MORE

Show Me the Data: Boost Card Success With Information

August 27, 2009
By Brian Scott Every swipe of a credit card generates hundreds of lines of data. Everything from merchant information to purchase details to rate and finance statistics are captured and stored following each plastic transaction. Buried deep within this data are the answers to questions that can mystify even the... READ MORE

Compliance Q&A: Adverse Action Notices

August 27, 2009
By Valerie Moss Q Must a credit union provide an adverse action notice under Regulation B when it turns down a business loan application?   A Yes . Regulation B (Equal Credit Opportunity) applies to all credit—commercial as well as consumer loans. However, if two or more people have applied... READ MORE

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