Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Okla. gov. signs CU-backed tow-truck bill
OKLAHOMA CITY (6/5/14)--Oklahoma Gov. Mary Fallin Tuesday signed into law legislation that addresses questionable business practices among the state's tow truck operators, marking the final hurdle for a bill drafted on behalf of Oklahoma credit unions.
 
SB 0582 requires towing companies to notify lien holders when a vehicle is towed.
 
The legislation was supported by the Oklahoma Credit Union Association--a subsidiary of the Cornerstone Credit Union League (Leaguer June 4).
 
"Getting this bill passed was a long haul, and extremely contentious, but in the end, credit unions have persevered," said Nate Webb, association president. "This isn't just a victory for credit unions. It's also a victory for our members who own their credit union."
 
Oklahoma credit unions have reported instances in which operators will tow a vehicle and store it without timely notification to the lien holder. In cases in which notification was not sent in a timely manner, storage fees accrued and, in many instances, the cost of recovering the car reportedly was more than the collateral.


RSS print
News Now LiveWire
.@CFPB obtains $92M in debt relief from Colfax Capital Corp. http://t.co/QPZAeCAcy2 See also: http://t.co/Kjf4HHkINW
1 hours ago
Julian Castro was sworn in as 16th secretary of @HUDgov Dept. of Housing and Urban Development Mon.
1 hours ago
.@CUNA's Chief Economist @SchenkMike talks consumer confidence--at highest levels since 2007 w/ @TheStreet @JoeDeaux http://t.co/JyoYQmhAxc
1 hours ago
RT @CUNA: .@CUNA's Jeremy Dalpiaz congratulates @reppittenger on reg relief bill consideration after @FinancialCmte markup http://t.co/9JMG…
1 hours ago
Hensarling: "Post Dodd-Frank we've seen community banking wither on the vine under regulatory burden, w/ costs passed to low income buyers"
2 hours ago