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CU System
CUNACFA card survey generates press coverage
WASHINGTON (2/11/10)--New credit card survey results announced Tuesday by the Consumer Federation of America (CFA) and the Credit Union National Association (CUNA) on consumer awareness of credit card changes and consumer protections coming down the pike this month resulted in widespread press coverage. Tuesday's teleconference with CFA Executive Director Stephen Brobeck and CUNA Chief Economist Bill Hampel noted that 61% of consumers surveyed are aware that there are new credit card protections but 65% don't know they take effect Feb. 22 and don't understand the specific protections Congress approved last year when it passed the Credit Card Accountability, Responsibility and Disclosures (CARD) Act. Hampel noted that 85% of consumers surveyed reporting planning or taking action when aware of a new rate hike, new fee, lower credit limit, fewer rewards or other disadvantageous terms. For a full report of the findings, use the link. In addition to trade press coverage, the information was featured in the Congress Daily, St. Louis Post-Dispatch, the Cleveland Plain Dealer, CreditCards.com, Mainstreet.com, and on New York's "The Nightly News with Chuck Scarborough" aired on NBC's New York Nonstop. The information was also picked up by Financial Market Regulatory Wire, Targeted News Service and States News Service. The information raised concerns about consumers basing their future credit card use on protections that don't exist, said Brobeck. Thirty-six percent of card users surveyed think that the new law caps late fees at $35 while 31% believes it caps interest rates at 20%. The new law does neither.
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