NASCUS Presses FTC For Exemption For State CUs
ARLINGTON, Va.-NASCUS has submitted a comment letter to the Federal Trade Commission (FTC) requesting an exemption for state-chartered credit unions (SCUs) from its proposed rule on unfair and deceptive acts and practices related to mortgage advertising. NASCUS argued that while consumer protection is a critical regulatory issue, it does not support the extension of additional advertising rules and record retention requirements exclusively to a single depository charter, particularly when the proposed rules are duplicative of existing rules.
For more info: www.nascus.org.
Freedom First's Program Gets Members Into Cars
ROANOKE, Va.-With one-in-12 households in its market lacking adequate transportation, Freedom First Federal Credit Union is using a $25,000 innovation grant from the National CU Foundation to partner with Total Action Against Poverty, New River Community Action and Enterprise Car Sales to implement a "Responsible Rides Auto Loan Program" to help provide affordable and dependable transportation to low-income individuals.
The program is designed for borrowers not qualified for traditional vehicle financing because of no credit or a damaged credit history and is open to people whose household income is at or below 200 percent of the poverty level, or $44,000 for a family of four.
Loan rates are 9.9% with a 60-month term. Pre-approved applicants are required to participate in financial education and car care maintenances classes.
Once completed they work with the credit union to purchase a car for around $9,000 from Enterprise Car Sales who provide quality cars below blue book value to insure equity in each deal. To date, 42 apps have been approved.
Pay It Forward Winner Is Named By Summit CU
MADISON, Wis.-Following a vote by the local community, the video pledge titled "Women in Transition" was named winner of Summit CU's second-annual grass-roots charity effort, 'Pay It Forward. Some 670 Pay It Forward program pledges were were videotaped at events in Madison, Portage, Sun Prairie and Waunakee, as well as Summit branch locations, with people asked the question, "If we gave you $10...what would you do for someone else?" Responses were posted on Summit's web site. Winner Beth Lease said she would donate her $10 to the Women in Transition, which serves single women with mental illnesses in Dane County. Videos can be seen at: www.summitcreditunion.com/payitforward
CO-OP Enhances My Deposit Product
RANCHO CUCAMONGA, Calif.- CO-OP Financial Services has enhanced its CO-OP My Deposit to allow small business owners to electronically submit checks to their credit unions for deposit.
"This expansion of our check imaging suite allows credit unions to target a lucrative and underserved segment in today's economy-small business owners," said CO-OP CEO Stan Hollen.
For info: www.co-opfs.org