* WASHINGTON (4/30/08)--A Federal Reserve Board proposal, expected to be released Friday, would protect credit cardholders with existing debt from having their interest rates raised for any reason other than a default on the account, the Fed said this week (American Banker
April 29). Credit card companies are fighting the plan, saying they would have to raise fees to regain revenue. Scott Talbott, Financial Services Roundtable lobbyist, said the plan would eliminate credit or make it more costly. The plan also could spark higher interest rates and annual fees, said Ken Clayton, director of the American Bankers Association’s Card Policy Council ... * WASHINGTON (4/30/08)--The Federal Reserve Board plans to hold a meeting today to discuss the interest rates on reserves that the Fed financial institutions to deposit. The Financial Services Regulatory Relief Act, passed in 2006, contained a provision that allows but does not require the Fed to pay financial institutions interest on the reserves. When the act was passed, the provision was identified by the Credit Union National Association as one of several that affected credit unions the most (News Now
Oct. 9, 2006) ... * WASHINGTON (4/30/08)--Some taxpayers saw their economic stimulus payments deposited into their accounts as early as yesterday, the Internal Revenue Service stated in a release. The payments, $600 for individuals and $1,200 for married couples, will be distributed this spring and throughout the summer. Those who chose to receive their tax refunds via direct deposit will receive their stimulus payments faster. The payment schedule
is determined by the last two digits of an individual’s Social Security number ... * ARVADA, Colo. (4/30/08)--The Credit Union Association of Colorado (CUAC) has endorsed Jeff Crank as a Republican candidate for Congress in the Fifth Congressional District. The endorsement was announced at a CUAC event in Colorado Springs. Crank also was endorsed by CUAC in 2006 ...