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Credit card statement stuffer explains new law
MADISON, Wis. (8/21/09)--The Credit Union National Association (CUNA) has new materials to assist credit unions in setting the record straight with members on what the new Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 will mean to them. While educating members about the effects, credit unions also can take the opportunity to remind members they'll get their best credit card deals at their credit union. "New Law Shows Credit Union Cards Still the Best" is a new statement stuffer that will help credit unions explain the impact of the new CARD Act, parts of which started taking effect Thursday. The six-panel statement stuffer includes a three-panel table that outlines the new law, when the changes become effective, and what it will mean for consumers. The stuffer addresses fees, interest rates, disclosures, payments, oversight, prepaid and gift cards, as well as changes for consumers under the age of 21. "In a way, there's almost too much information about the new law in the news. Consumers are very confused and will welcome this simple table--it outlines the big changes and when they will happen," said Michelle Dosher, managing editor at CUNA's Center for Personal Finance. Credit unions also can remind their members why the The New York Times (July 9 and June 24) says credit union credit cards are a great test for how other card providers will perform under the new law--because credit union cards already perform in consumers' best interests.
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