PA Newsmakers Focuses On CARD Act
The next segment of the Association-sponsored Pennsylvania Newsmakers will debut on Valentine’s Day and focuses on the new CARD Act and brings awareness to the consumer protection provided by the new credit card requirements. With program host Dr. Terry Madonna, Glenn Rambler, EVP, Lebanon FCU, and Rick Wargo, Association EVP/General Counsel, discussed upcoming changes to credit cards that will take effect on February 22.
The segment is part of the Association’s monthly financial education sponsorship, and can be seen across Pennsylvania on the following dates and stations:
Sunday, February 14, 11:00 a.m. – WGAL Channel 8 (Harrisburg and Lancaster)
Monday, February 15, 8:30 p.m. – WBPH (Lehigh Valley and Philadelphia)
Tuesday, February 16, 7:00 p.m. and Wednesday, February 17, 1:00 p.m. – CATV Channel 8
Saturday, February 20, 11:30 a.m. – WKBS 47 (Altoona)
Saturday, February 20, 11:30 a.m. – WPCB 40 (Pittsburgh)
Additional program information is available here.
America Saves Week - February 21–28
As families across the country are struggling to cope with rising unemployment, tighter credit and strained budgets, financial security is more important than ever. The Consumer Federation of America and America Saves organize the annual America Saves Week to encourage individuals to assess their savings, pay down debt, build an emergency fund, or save for a home, an education, or retirement.
To participate in America Saves Week, February 21-28, visit www.americasavesweek.org.
Certificate Program Awards
For a listing of individuals who recently earned certificates from the CUNA correspondence courses for professional development, please click here. Congratulations, everyone!
Chapter News
Chapter News
Beaver Valley Bowl-a-Thon Postponed
The Beaver Valley Chapter of Credit Unions Bowl-a-Thon, scheduled for Saturday, February 6, has been postponed until Saturday, March 6, 2010. Proceeds benefit the Pennsylvania Credit Union Foundation.
Newsmakers
Newsmakers
For the eighth consecutive year, U$X FCU has issued a Member Loyalty Reward to its members. In 2009, U$X FCU’s Board of Directors announced to its members that the Member Loyalty Reward would be in excess of $585,000, equal to 8 cents on every dollar of dividends earned and/or interest paid during 2009. With the addition of the 2009 dividend the total Member Loyalty Reward given back to the members of U$X FCU the past 8 years reached a grand total of $5.3 million dollars. “We believe that when the credit union is successful, it’s not only a sound business practice to reward the owners of the credit union and share our surplus, but that this practice clearly demonstrates the credit union difference,” said David Ackerman, President.
Keystone Extra Sneak Peek
Keystone Extra Sneak Peek
What is Marcellus Shale and what impact does it have on Pennsylvania credit unions?
Why should credit unions choose Credit Union Student Choice as a student loan product?
When is the Association’s Annual Convention?
Find answers to these questions and more in this week’s Keystone Extra Sneak Peek.
Friday Tidbits
Friday Tidbits
Super Bowl Line-Up
The competition is about to begin for Super Bowl XLIV (44), and not necessarily between the New Orleans Saints and the Indianapolis Colts. The big line-up consists of the big advertisers and the suspense of the commercials that will air during Sunday night’s game on CBS. For the commercial line-up, details of the ads, and to vote for your favorites, visit www.spotbowl.com.
Referee A Safe Super Bowl Party
The U.S. Department of Agriculture issued guidelines for Super Bowl party hosts to have a defensive strategy against foodborne illness for their guests. To make sure every guest returns home a winner, here are some referee tips:
Illegal use of hands: Unclean hands are biggest culprits of spreading bacteria. Chefs and guests should wash their hands with soap and warm water for 20 seconds before and after handling food. Also, be sure to clean surfaces often, and wash platters before replenishing them with fresh food.
Offside: Keep your two teams, uncooked and ready-to-eat foods, from contact, so that they don’t cross-contaminate. Don’t use the same cutting board for cutting veggies and raw meat.
Equipment violations and holding: Use a food thermometer to make sure meat and poultry are safely cooked. “Holding” may be one of the most likely offenses your referee encounters if your Super Bowl party lasts late into the night. Never hold foods for more than two hours at room temperature. Refrigerate or freeze leftovers promptly to block offensive bacteria from multiplying. If cold food has been sitting out for more than two hours, do not eat it. When in doubt, throw it out.
False start: When it comes to foodborne illness, there is no opportunity for an instant replay. To avoid these infractions, take precautions with these rules.
National News
National News
Consumer awareness of card changes revealed in CFA/CUNA study
WASHINGTON (2/5/10)--The level of consumer awareness of protections offered by new credit card requirements, mostly going into effect Feb. 22, is revealed in a fresh survey conducted by the Credit Union National Association (CUNA) and the Consumer Federation of America (CFA), the results of which will be released during a press conference Monday, Feb. 8 at 10 a.m.
The Credit Union National Association (CUNA), along with the Consumer Federation of America, on Monday will detail just how much consumers know about the protections imposed by the Credit Card Accountability, Responsibility and Disclosure Act, announcing the results of a recently completed survey at 10 A.M. ET at the National Press Club in Washington.
CUNA Chief Economist Bill Hampel and Consumer Federation of America Executive Director Stephen Brobeck will disclose the results of the survey and will also offer tips for prudent consumer credit card use.
The survey, which was conducted between Jan. 29-31, reveals consumer awareness of recent changes to the terms of lines of credit, interest rates, fees, and other terms of credit account agreements. The survey also asked whether or not consumers acted as a result of these changes.
New Law Shows Credit Union Credit Cards Still the Best statement stuffer
Take Charge: Wise Use of Credit Cards member seminar kit
CUs top new Forrester most-trusted list
NEW YORK (2/5/10)--Forrester Research's annual Customer Advocacy rankings placed credit unions well ahead of banks after about 70% of credit union members surveyed told Forrester that their financial institution puts their interests first.
The closest institution was a financial services company with 64%.
Credit unions were ranked higher than banks because they have a different operating model--they are owned by their members--and they emphasize customer service, said Bill Doyle, Forrester vice president (The New York Times Feb. 3).
The bottom seven institutions in this year's rankings were all big banks--Bank of America, Chase, Capital One, TD/Commerce, Fifth Third, Citibank and HSBC.
The Forrester survey was featured in a money blog, "The Least-Trusted Banks in America," on The New York Times website.
Forrester's rankings are based on a survey of 4,500 consumers, who were asked if they agree with the statement: "My financial provider does what's best for me, not just its own bottom line."
The rankings come just one week after consumers placed credit unions ahead of banks in the Chicago Booth/Kellogg School Financial Trust Index. Credit unions had a 58% approval rating, compared with 31% for national banks and 53% for local banks. That study was based on data collected in December by the University of Chicago and Northwestern University in Evanston, Ill. (News Now Jan. 28).
97% of Visa issuers opt in on Heartland settlement
PRINCETON, N.J., and SAN FRANCISCO (2/5/10)--Financial institutions representing more than 97% of eligible Visa-branded debit and credit cards that incurred losses in the Heartland Payment System data breach have accepted a $60 million settlement Visa Inc. made with Heartland and its sponsoring acquirers regarding losses in the breach.
Visa and Heartland needed issuers of 80% of eligible cards to meet the settlement requirement.
The settlement provides these card issuers with a recovery from Heartland on the losses they incurred related to the breach. They can expect their recovery amounts from the settlement by Feb. 25, according to the agreement. Each accepting issuer will irrevocably waive Heartland, its sponsor banks and Visa from further claims related to and arising from the breach.
Those institutions that did not opt in to accept the settlement offer and who are eligible due to losses from the breach will have a second chance at recovery. Visa, Heartland and Heartland's sponsoring acquirers have agreed to renew the Alternative Recovery Officer to the non-accepting issuers. The renewed offer will remain open until 5 p.m. PST on Monday.
The settlement provides recovery for U.S. card issuers who chose to participate in the program and international issuers of accounts Visa considered to have been placed at risk of compromise.
Once all the remaining conditions of the settlement have been met, Visa will notify the participating issuers with details about the payment process.
For additional information, issuers can contact their Visa account executive or Visa's E-Support Team at eSupport@visa.com or call 888-847-2488.
Heartland has entered into two other settlement agreements--a $3.6 million agreement with American Express and an agreement for up to $2.4 million in a consumer cardholder class action lawsuit (News Now Dec. 21 and 29). No settlement has been announced in a similar dispute with MasterCard over the breach.
Breaches at Heartland and Hannaford Bros. grocery chain were the largest in history, affecting 130 million cardholders. Credit unions were among the financial institutions re-issuing cards that were compromised by the intrusions and some saw fraudulent transactions on the compromised cards.
Fraudsters are still testing and successfully accessing credit and debit card numbers that were not blocked or canceled in the Heartland breach, CUNA Mutual Group said in January (News Now Jan. 12).
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