As some credit card issuers scrambled to raise rates before the CARD act is implemented, Congress was scrambling to put new curbs on card interchange fees. Learn how credit unions are caught in the middle, and what they're doing to make sure members know CU credit cards are different from the rest.
Congress Eyes New Curbs on Card Interchange Fees
WASHINGTON — Congress continued its assault on financial institutions' profitability last week with growing momentum to regulate the market for credit card interchange fees, a lucrative profit center for credit unions and banks.
As Others Raise Card Rates, a Look at How CUs Are Responding
COLORADO SPRINGS, Colo. — With a bill before Congress to move up the effective date of the consumer protections embedded in the just-passed CARD Act to Dec. 1, a number of banks and card issuers have been raising card APRs as quickly as possible in advance of such a change.
Why Some Are Moving to Variable-Rate Cards
TUKWILA, Wash. — Aaron Bresko, VP of lending at the $8.6-billion BECU, and vice-chair of the CUNA Lending Council, is among those who believe credit unions will largely avoid increases in how they price their card products.
For Consumers, Those January Statements May Be a Surprise
DES MOINES, Iowa — Credit unions looking for ways to market the pricing advantages they offer on credit cards may find the banking industry doing it for them by early 2010.
'A Great Opportunity'
DALLAS — Contrary to some perceptions, Mark Fenner, SVP with TNB Card Services is projecting 2009 will be the Year of the Plastic for credit unions.
Extra! Extra! Talk All About It
CLEARWATER, Fla. — While some banks are scrambling to make pricing changes in advance of implementation of the CARD Act, Bill Lehman, VP-portfolio consultant services with CSCU here, believes most CU card-issuers will not be doing the same.
Reputation Risk
COLORADO SPRINGS, Colo. — Some CUs may have no choice but to boost the APRs and fees on their credit card programs.
Outside CUs' Control
COLORADO SPRINGS, Colo. — While most credit unions are not adjusting pricing in advance of the CARD Act, Keith Kauffeld, VP-operations with the $464-million Air Academy FCU, said that may not be the case for those that have sold their portfolios.
