Fed Releases New Gift Card Rules

April 19, 2010
New Federal Reserve rules provide new protections when consumers purchase or use gift cards. Following are some key changes that apply to gift cards sold on or after August 22, 2010. Covered by the new rules are: Store gift cards , which can be used only at a particular store... READ MORE

Repo remarketing: Use multiple channels

April 18, 2010
When liquidating repossessed vehicles, most credit unions want fast turnaround times and the highest sale price possible, according to respondents to CUNA's 2009 Vehicle Repossession Liquidation Survey. The need to deal with nonperforming loans—and to dispose of collateral—has expanded during the current recession. On the credit union balance sheet, the... READ MORE

CU crime report: Part II

April 16, 2010
This man was ticketed $96 after he wore this outfit into a La Crosse, Wis., credit union. Here’s a tip for wanna-be gangsters: Don’t brag about your crimes to your Facebook friends—especially when one of them works for the Justice Department. These and other crime lessons—culled from the pages of CUNA’s... READ MORE

Recession Changes Consumers' Financial Behavior

April 14, 2010
Consumers are paying down debt, taking out fewer loans, and building up liquid savings balances—major changes in financial behavior due to the Great Recession, says Mike Schenk, vice president of CUNA’s economics and statistics department. While the average savings rate during the ‘70s and ‘80s was around 10%, it fell... READ MORE

Expect Economy to Return Toward Normalcy

April 14, 2010
The best thing about the economy in 2010, says CUNA Economist Mike Schenk, is that it won’t look like 2009. He cites positive economic signs including the slowdown of job losses, rising wages, and the recovery of equity markets as reasons for greater optimism. What will this mean for credit... READ MORE

Fed: Economic Activity Increases 'Somewhat'

April 14, 2010
Overall economic activity increased “somewhat” across all Federal Reserve Districts except St. Louis since March 3, according to the Federal Reserve Board’s April 14 Beige Book . Districts generally reported increases in retail, vehicle, and tourism spending, while reports on the services sector were generally mixed. Manufacturing activity increased in... READ MORE

Survey: Financial Literacy Improves During Financial Crisis

April 13, 2010
Some Americans have responded to the Great Recession by making positive changes in their financial behavior, according to the National Foundation for Credit Counseling’s (NFCC) fourth annual Consumer Financial Literacy Survey. While the news isn’t all good, the survey results suggest a slightly positive trend in a few areas of... READ MORE

March Bankruptcy Filings Reach Highest Level Since 2005 Overhaul

April 12, 2010
The 149,268 consumer bankruptcies filed in March represented the highest monthly consumer filing total since Congress overhauled the Bankruptcy Code in 2005, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center. The March filing total represented a 34% increase from the February filing... READ MORE

The Weakest Link

March 30, 2010
James Collins Some people fall for the most blatant scams. For all the firewalls, intrusion detection systems, virus scanners, and camera systems, your weakest security link is the one sitting in your credit union lobby or logging in from home. Yep, like it or not, that latte-sipping, SUV-driving, Gore-Tex-wearing individual... READ MORE

Slay the Credit Card Giants

March 30, 2010
Size will become a more pronounced advantage for credit card issuers as large issuers retain the competitive advantages of high-visibility branding, sophisticated automated underwriting, and efficient back-office operations. But a two-pronged strategy will allow credit unions to compete with large issuers, according to the Filene Research Institute’s “The Credit CARD... READ MORE

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