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Top 10 News Now stories for August
MADISON, Wis. (9/2/09)--Stories about the Credit Card Accountability, Responsibility and Disclosure (CARD) Act, which went into effect last month, dominated five of the 10 top News Now stories for August. The Credit CARD Act sets rules for card companies including those that arbitrarily change interest rates and terms on cards with existing balances. A story about Credit Union National Association (CUNA) President/CEO Dan Mica stepping down from his post in 2011 was the 12th most read story of August. Here are the top 10 most requested News Now stories during July. Use the links to read the stories online. 10. Letter to editor questions CU/bank merger AUGUSTA, Maine (8/11/09)--A letter to the editor appearing in the Saturday Kennebec Journal questioned Kennebec Valley FCU's proposed merger with Kennebec Savings Bank. 9. Dodd urges Fed to extend CARD Act deadline for CUs WASHINGTON (8/13/09)--Working closely with the Connecticut Credit Union League, Senate Banking Committee Chairman Chris Dodd (D-Conn.) yesterday urged the Federal Reserve Board to provide relief to credit unions regarding the 21-day rule under the CARD Act as it applies to open-end plans other than credit cards. 8. Eight former CU employees under prohibition orders ALEXANDRIA, Va. (8/13/09)--The National Credit Union Administration (NCUA) has issued orders prohibiting eight individuals from participating in the business of any federally insured financial institution. 7. Fed to CUNA: CUs have some leeway on 21-day rule WASHINGTON (8/19/09)--The Federal Reserve Board on Tuesday reiterated that credit unions will be allowed to be technically "inconsistent" with the 21-day requirement under the new Credit Accountability, Responsibility and Disclosure (CARD) Act for a "short period of time." 6. CFA asks Fed to extend CUs’ open-end credit deadline WASHINGTON (8/12/09)--The Consumer Federation of America Tuesday has sent letters asking that credit unions be granted more time to comply with the 21-day Credit CARD Act notice requirement for open-end plans other than credit cards. 5. CUNA, CUs rebut USA TODAY item NEW YORK (8/4/09)--CUNA is providing resources so leagues and credit unions can answer questions that may be prompted by a front-page article in Monday's USA TODAY that was critical of some credit unions' payday loan alternatives. The article cited the loans of a single credit union in Nevada. 4. CUNA doc helps CUs cope with CARD Act regs WASHINGTON (8/6/09)--CUNA is working for legislative or regulatory relief for the by-now-well-known 21-day notice provisions for open-end credit plans, other than credit cards set, set to take effect Aug. 20. Meanwhile, however, CUNA has created a compendium of information to help credit unions tackle the "horrendous" compliance challenges that loom ahead. 3. IRS issues a new UBIT opinion WASHINGTON (8/5/09)--The Internal Revenue Service has released a new Technical Advice Memorandum stating that income derived by state-chartered credit unions from shared-branching arrangements, management services to other credit unions, certain CUSOs, and sales of financial management services and certain insurance products are subject to unrelated business income tax. 2. 21-day rule: CUNA urges CUs ‘document everything’ WASHINGTON (8/20/09)--Starting today, periodic statements sent to members on their open-end loans must be provided at least 21 days before the payment due date in order for a credit union to charge a late fee, report the account as delinquent to credit bureaus, or impose a penalty interest rate. 1. Credit CARD Act: CUNA addresses CUs’ FAQs WASHINGTON (8/18/09)--CUNA has prepared a document to assist state leagues and credit unions with credit unions' questions regarding CARD Act provisions--especially on the 21-day periodic statements provision.


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