Filed under: Current Issues in Credit Unions, Uncategorized | Tags: adverse action, bad employee YouTube videos, Corporate Stabilization, negative predictions refuted, udap and credit cards
It’s our 3rd Anniversary! 3 years of CIiCU. Faith, Brian, Guy and I bring you today’s show. Here are the topics:
–Corporate Stabilization Update.
–Negative predictions: regulator consolidation, loss of tax status, CU consolidation, trade associations and leagues going away and the loss of the dual charter system. Let’s discuss each of these in turn. How likely is it? How would it affect the movement? What is the alternative?
–UDAP and credit cards: update.
–Adverse Action: tips and traps.
–Bad employee YouTube videos.
The CIiCU hosts are:
Brian Witt
Member
Farleigh Wada Witt,
Attorneys at Law
121 SW Morrison Street, Suite 600
Portland, Oregon 97204
Telephone: 503-228-6044
Fax: 503-228-1741
http://www.fwwlaw.com
Guy Messick
Member
Messick & Weber P.C.
The Madison Building, 108 Chesley Drive
Media, Pennsylvania 19063-1712
Telephone: 610-891-9000
Fax: 610-891-9008
http://www.cusolaw.com
Faith Anderson
American Airlines Credit Union
P.O. Box 619001
MD 2100
DFW Airport, TX
75261-9001
(800) 533-0035
https://www.aacreditunion.org/default.asp
Robert Rutkowski
Shareholder
Weltman, Weinberg & Reis Co., L.P.A.
323 W. Lakeside Avenue, Suite 200
Cleveland, Ohio 44113
Telephone: 216-739-5004
Fax: 216-739-5642
http://www.thatcreditunionblog.com
http://www.weltman.com
Subcribe to the show via iTunes Music Store: http://phobos.apple.com/WebObjects/MZStore.woa/wa/viewPodcast?id=151785964&s=143441
We exhibited at the OCUL Zenith Convention in Cleveland last Thursday and Friday. Here’s a picture of Dawn and Lauren at the booth.
The OCUL always runs a very professional show. Despite the economy, this year was no exception. The exhibit hall had great traffic the entire time and the special events were well attended.
A good credit union convention requires an enormous amount of time and the efforts of a lot of people to make happen. The OCUL should be commended for setting an example to follow for leagues across the country.
And I didn’t have to wear a costume for this one…
Filed under: humor, pictures | Tags: IL Credit Union League Convention, Picture
It’s that time of year again. It’s time for state credit union league conventions. This year, we exhibited for the first time at the Illinois League Convention in Chicago. Monette Cope from our Chicago Office and I were there last Thursday and Friday. The League had a 50’s theme and we dressed the part.
Our marketing department really likes using costumes. They have had me in antlers at Christmas and they even got one of my other partners to wear a bunny suit and jump out of a giant hat! So having me dress like a castmember from Grease and putting Monette in a poodle skirt isn’t really too surprising. In fact, I got off light. They could have had me wear the bunny suit while sitting in a dunk tank…
I have to hand it to the IL League. They put on a fine convention and were very friendly and helpful.
Filed under: Regulation Z | Tags: hypothetical, Regulation Z, revisions, workshop
Henry Hobson, the new head of lending at Anthrax Research Federal Credit Union thinks that he can raise revenue by charging penalty rates on credit cards. He creates disclosures to this effect in the credit card application and agreement. Donna Debtor signs up for a new card under Hobson’s new program and transfers all her considerable balances to it. It only takes her 45 days to default on the card and trigger the new, higher rate on her card. She doesn’t notice the change, however, until 3 months later. She is incensed to see that she is now paying a higher rate as she never received notice. Moreover, the rate applies to all the balances she transferred as well. She has used the card since the rate change, but she promply cuts up the card now and calls Hobson to complain.
What is the result under the current Regulation Z? What will need to be done after July 1, 2010?
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Those of you who are attending this seminar or this seminar will find out the answer this week when we do the workshop together. Everyone else is welcome to take a stab at it in the comments and I’ll come back with the answer next week (or thereabouts).
Those of you who attended my Reg Z and Reg B presentations last Tuesday and Wednesday and the Trusts webinar that I did last Friday heard my puppy story. For everyone else, last weekend I took my family to pick out a puppy. There were two left in the litter and given the fact that I have two daughters, there was much speculation (if not actual gambling) as to whether we would get one puppy or two.
Those of you who picked two are the winners. I’m happy to report that Bella and Dottie are wonderful little dogs and have been a lot of fun!
If anyone is going to be in the Harrisburg or Pittsburg area next week and needs a full day course on Reg Z and Reg B, please check out these PCUA offerings here and here.
