Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Alabama league adopts courtesy pay guidelines
BIRMINGHAM, Ala. (12/7/07)--The Alabama Credit Union League adopted guidelines for courtesy pay programs and approved four action plans during its year-end meeting Nov. 27 in Savannah, Ga. The league said it supports credit union courtesy pay programs, and recognized that the programs can benefit members, but can be detrimental if abused. "Such programs should be operated with transparency and the benefit of the consumer in mind," the league said. The league also emphasized that the programs are account features, not loans. To protect members, credit unions shouldn't include available overdraft coverage as a part of an account holder's balance. Credit unions also shouldn't manipulate the order in which items are processed to maximize overdrafts, the league said. Accounts should be monitored, with counseling provided to members who abuse the courtesy pay features. The board also approved the 2008 budget, and adopted four action plans:
* Maintain and improve the league’s position of influence through Dec. 31, 2008; * Develop, agree upon and recommend a future funding strategy for the league by Dec. 31, 2008; * Conduct a re-affiliation campaign and report results by April 30, 2009; and * Continue to pursue the implementation of the REAL Solutions program with the National Credit Union Foundation through March 31, 2009.
Other Resources

RSS print
News Now LiveWire
Reg relief,transparency, accountability,supporting low-income CU members,promoting diversity R some priorities of @TheNCUA bd mmbr McWatters
9 minutes ago
.@CUANYtweets reminds NY #creditunions to submit stories for 2014 MORE Report
35 minutes ago
New Calif law OKs e-filng of weekly deposit reports, eases #creditunion stressor See #NewsNow http://t.co/slhaUDNdYH
1 hours ago
CU-supported Ruben Gallego won Dem primary for congressional seat in Ariz's 7th District v. better-know opponent. http://t.co/WXDugmNsOj
2 hours ago
.@TheCCUL names 6 finalists for @CUaware Protege competition. See #NewsNow Wed
18 hours ago