Gun Amendment Shoots Hole In Credit Card Bill
WASHINGTON-Senators blew a big hole in the credit card reform bill last week when they voted to add an unrelated provision that would allow visitors to national parks to carry concealed weapons.
The unrelated amendment, allowed under the Senate's arcane rules, threatens to blow apart the bill when it moves back to the House for a vote, lobbyists said.
Senators also voted down a proposal to set a national interest rate cap on credit cards, something that NCUA has been doing for years.
After the effort failed, Sen. Christopher Dodd of Connecticut, the Democratic chairman of the banking committee, proposed that the Federal Reserve be asked to provide an analysis of how Congress could rein in interest rates.
Senators said they hoped to finish up the credit card bill as early as last Thursday, coinciding with a town hall meeting by President Obama on credit card issues in New Mexico, but at press time it was still pending.
The main provisions of the bill, already passed by the House, would ban such practice as double-cycle billing and universal default, and solicitation of credit cards to minors, without adult consent.
Data Security Bill Moving Through Texas House
DALLAS-A bill that would require merchants who accept credit and debit cards to keep them secure or be held responsible if the data is breached is finally back in play in the Texas state legislature.
The Texas Credit Union League worked with House Speaker Joe Straus and targeted CU grassroots contacts to "free" the data security breach bill HB 345 from the House Calendars Committee-where the bill had been "tagged" by opponents in an effort to kill it.
Under the bill, if the merchant does not follow the rules for securing cardholders' personal data, they have to pay a fee.
According to the league, opponents' efforts continue. At CU Journal's press time, the bill was set for a second reading May 14, but since there were more than 100 bills in the queue before it, that date seemed unlikely, the league said.
The Senate has yet to hear the bill and is waiting on the House bill.
Texas weekly newspapers across the state carried a piece by TCUL discussing the problem and the need for legislation. More than 700 e-mails have been sent to House lawmakers in the past few weeks in support of the bill. However, there are 150 House members, equaling less than five per email. TCUL may issue a request for grassroots phone calls to House offices in support of HB 345 later this week once the timing becomes clear on the House floor vote.
Wife Helps 'Bad-Hair-Day Bandit'
SCOTTSDALE, Ariz.-A be-wigged robber believed to have robbed as many as seven area financial institutions, was collared after his wig caught the attention of a reserve sheriff's deputy.
The suspect, identified as Blair Daehling, 38, confessed to the seven robberies, including the May 6 heist of $1,010 from a Desert Schools FCU branch. Daehling also admitted that his wife drove him to and from the first six robberies, and was present at the seventh. The robber was dubbed the Bad-Hair-Day Bandit because of a wild wig he wore.
Daehling was cornered after a reserve deputy saw his Afro wig and noticed the suspect getting into a car, which he called into to police. Police stopped the car near Mesa and Daehling tried to run away, but was caught nearby.
The wig was found inside the car.
CU Springs For $100K Scholarships
FARMINGTON HILLS, Mich.-Community Choice CU will award $5,000 each to 20 high school seniors for their visions to enrich Michigan.
The winners are based partially on a 300-word essay about their commitment to Michigan, why they want to attend a Michigan college, and how their course work would eventually enrich the state.
The $100,000 for the scholarships was provided entirely by the credit union this year but next year, the credit union's non-profit foundation plans on raising additional money through donations.
Corrections & Clarifications
An article on the presentation done by Sam Kilmer of Harland Financial Solutions during Credit Union Journal's Grow Show should have clarified that the portions related to open/close ratios were drawn from benchmark studies done by Cornerstone Advisors, in addition to Harland Financial Solutions own Deposit Benchmarking study.
