Is that computer on campus covered by insurance?

KANSAS CITY (8/31/09)--Even if your son or daughter already is packed up and shipped off to college, check to make sure he or she is properly insured. Also, understand how this significant move away from home affects your own insurance policies (The Kansas.com Aug. 19).

Use this checklist to make sure you and your student are covered:

Does the student have a copy of health insurance cards? The student should have a plan for obtaining referrals and approvals--if necessary--before visiting a doctor or clinic. If the student will be seeking treatment outside a provider network, your insurer may charge out-of-network prices. Understand the level of benefits that are provided.

Does the student require a student health insurance plan? This may be a good option if she is older than the maximum coverage age, or if she is outside the network service area. Check with the school to see if the college has contracted with an insurer that offers student health insurance plans. If so, expect limited benefits and more exclusions such as treatment for injuries associated with alcohol or drug use.

Does the student need renter's insurance? Review your homeowner's insurance policy to see if the computer, other electronics, moped, bicycle, books, furniture and clothing are covered on campus. If not, purchase a renter's insurance policy immediately. Young renters often mistakenly believe the landlord has insurance to cover theft, fire, tornados, and other disasters. A landlord's policy does not cover the renter's personal property.

Do you have a detailed list of the student's possessions--including serial/model numbers and purchase prices? Consider using photos or videotape. Keep this list and photos in a safe deposit box or fireproof safe off-site, or scan the items and store digitally, and keep a backup at a remote site. It will come in handy if you need to file an insurance claim. Visit knowyourstuff.org.

Have you notified the auto insurer of any changes? Notify the insurer if the vehicle will be kept or garaged at a different location; if you don't, lack of disclosure could jeopardize a future claim (Insure.com Aug. 19). If the student won't have a car on campus and won't be driving your vehicle as often, ask if your rate can be reduced. And ask whether your insurer has discounts for maintaining good grades.

For more information, read "Have 'the Talk' Before Students Leave for Campus" in Home & Family Finance Resource Center.

Courtesy of cuna.org

How new credit card law affects you now

McLEAN, Va. (8/24/09)--Most of the significant provisions of the new credit card legislation signed into law in May by President Barack Obama don't kick in until Feb. 2010, but some new provisions kick in now (USA Today Aug. 20).

As of Aug. 20, credit card issuers must give you 45 days notice before they change your interest rate or fees. And that notice has to include a brief statement telling you about your right to cancel the account.

In addition, credit card issuers and creditors that offer other open-end credit must mail your statement 21 days before the due date, or they won't be able to count your payment as late.

Click the title for the whole story.
Courtesy of cuna.org

Wash. league hosts first 'Evolution Summit'

FEDERAL WAY, Wash. (8/24/09)--The Washington Credit Union League is fostering discussion about the evolution of the credit union movement in Washington and worldwide through a strategic effort called "Evolution Summit."

The league's first of a series of Evolution Forums was held Tuesday and included discussions designed to make attendees think about the future of credit unions and how they should evolve in changing times.

The specific issue discussed was the charter: Can the credit unions' charter be salvaged or is an entirely new option necessary? And with what changes?

More than 25 state and national credit unions leaders gathered for the event that featured Bucky Sebastian, president/CEO of GTE FCU, Tampa, Fla., and co-founder of Callahan & Associates Inc. The event also featured Marv Umholz, a 33-year credit union industry veteran and president/CEO of Umholz Strategic Planning & Consulting Services, Olympia, Wash.

The discussions will be the basis for a legislative and regulatory agenda for the league, helping it envision where it will want to be in the near and distant future.

Courtesy of cuna.org

TheStreet.com: CUs crash student-loan party

CAMBRIDGE, Mass. (8/24/09)--Credit unions' efforts in helping students obtain private student loans is still getting media attention, this time in Massachusetts. The Street.com wrote about a Massachusetts credit union's efforts in its "MainStreet" column Friday.

"With private lenders fleeing the scene, thanks to ongoing lousy credit conditions, credit unions are increasingly picking up the slack in a market they've long avoided--student loans," began the article.

It discussed Harvard University Employees CU's pact with the university to make student loans available to international graduate and professional students, who found loans drying up in the tight market.

Click the title for the whole story.
Courtesy of cuna.org

NY Times cites CUNA website, CUs' cards

NEW YORK (8/24/09)--The New York Times cited the Credit Union National Association's (CUNA) Credit Union Finder website and credit unions' lower interest rates on credit card balances in a recent article.

With new credit card rules in effect Thursday under the Credit Card Accountability, Responsibility and Disclosure (CARD) Act, many credit card companies quickly made changes to their policies to get ahead of the rules. Under the CARD Act, financial institutions must give cardholders 45 days before increasing their interest rates or changing card terms.

Click the title for the whole story.
Courtesy of cuna.org

Credit card statement stuffer explains new law

MADISON, Wis. (8/21/09)--The Credit Union National Association (CUNA) has new materials to assist credit unions in setting the record straight with members on what the new Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 will mean to them.

While educating members about the effects, credit unions also can take the opportunity to remind members they'll get their best credit card deals at their credit union. "New Law Shows Credit Union Cards Still the Best" is a new statement stuffer that will help credit unions explain the impact of the new CARD Act, parts of which started taking effect Thursday.

Click the title for the whole story.
Courtesy of cuna.org

21 Oregon CUs get REAL

BEAVERTON, Ore. (9/20/09)--Twenty-one Oregon credit unions are participating in the state's pilot of the National Credit Union Foundation's REAL Solutions program, the Credit Union Association of Oregon (CUAO) announced Wednesday.

The program helps credit unions meet the needs of members with low or moderate incomes, young adults, new Americans and the unbanked.

During the pilot year, 21 credit unions will work with CUAO to initiate the program in their credit unions. They have indicated that outreach to young adults is a primary goal.

Click the title for the whole story.
Courtesy of cuna.org

21-day rule: CUNA urges CUs 'document everything'

WASHINGTON (9/20/09)--Starting today, periodic statements sent to members on their open-end loans must be provided at least 21 days before the payment due date in order for a credit union to charge a late fee, report the account as delinquent to credit bureaus, or impose a penalty interest rate.

"The application of this Truth-in-Lending Regulation Z provision to all open-end credit presents significant compliance challenges in making changes to credit union lending programs that have been in place for over a quarter of a century," says Kathy Thompson, Credit Union National Association (CUNA) senior vice president of compliance.

CLick the title for the whole story.
Courtesy of cuna.org

Small business: Tweet it out

WASHINGTON (8/19/09)--If you're a small business owner, you now can get the word out about your business by embracing the same tool job seekers use to connect with potential employers.

Twitter is a free social networking and micro-blogging service that allows you to drive your brand and communicate with customers in ways you may never have imagined (The Washington Post Aug. 12). Twitter has been around since 2006, but only in the past year have businesses--from Dell to mom and pop--jumped on board.

One small business owner opened a mobile food cart in San Francisco, and among his friends in line he noticed a stranger. How had he found the location? Twitter. The young entrepreneur signed up for a Twitter account and now lets his more than 5,400 followers know the location of his mobile cart, as well as the flavors of the day (The New York Times July 22).

Today, small businesses outnumber the big ones like Dell, Starbucks and Comcast on Twitter. It's more useful for small businesses that typically get more than half of their customers through word of mouth. Here's why:

No ad budget? Twitter is free. For many small businesses, it's the sole means of advertising.

No time to set up and maintain a website? Twitter is far easier to set up and update.

Your workspace doesn't include a computer? You can tweet from your smart phone.

Your customers aren't on Twitter? Small-town business owners use Twitter's services to stay connected and get useful business information on taxes, marketing, and start-up tips.

There's a wealth of information on the Internet for effective twittering. Type "small business" + "twitter" + "tips" in your browser to get started. It takes about three to six months to get a good-sized following.

For more information, read "Keep Passwords Strong, Secret and Safe" in Home & Family Finance Resource Center.

Courtesy of cuna.org

Panthers QB pitches CU's financial tips

CHARLOTTE, N.C. (8/19/09)--Jake Delhomme, National Football League quarterback for the Carolina Panthers, will provide tips on financial fees and interest rates in three television commercials for Charlotte Metro FCU.

Delhomme is the type of multimillionaire who can tout a credit union's good points, said Nathan Tothrow, marketing chief for the $184.3 million asset, Charlotte, N.C-based credit union (charlotteobserver.com Aug. 18).

Click the title for the whole story.
Courtesy of cuna.org

Cooperatives at center of health care debate

WASHINGTON (8/19/09)--Cooperatives have become a new buzzword as legislators consider proposals to reform the health care industry. The National Cooperative Business Association (NCBA) this week educated media about what a cooperative is and mentioned credit unions prominently as a good cooperative business model the government could follow.

NCBA President/CEO Paul Hazen has been featured in BusinessWeek and The Washington Times, as well as WTOP-Radio; Channel 6 News in Tulsa, Okla.; WGN-Radio's "Greg Jarrett News Show" in Chicago and Christian Broadcasting Network's CBN News during the past two days. Adam Schwartz, NCBA vice president of public affairs and member services, was featured on Minnesota Public Radio.

Click the title for the whole story.
Courtesy of cuna.org

CUs' back-to-school projects in full swing

MADISON, Wis. (8/18/09)--Credit unions nationwide are helping to prepare students for the start of school by collecting and distributing school supplies and other materials for those in need.

Fifty-two employees of Virginia CU, Richmond, Va., helped youth shop for new back-to-school clothes at a local Target store as part of the YMCA's Bright Beginnings program. Contributions from the community helped pay for the clothes.

Click the title for the whole story.
Courtesy of cuna.org

CU robberies totaled 117 for 2Q, says FBI

WASHINGTON (8/18/09)--Robberies at credit unions totaled 117 out of the 1,278 robberies committed at financial institutions during second quarter, according to the Federal Bureau of Investigation (FBI).

Credit unions also saw six burglaries out of 19 committed, and three larcenies out of seven reported to the FBI.

Click the title for the whole story.
Courtesy of cuna.org

There's still time to find money for college

McLEAN, Va. (8/17/09)--If you're in the process of packing up your son or daughter for college and worried about how you're going to pay for it, here's good news: There are still sources of funding available (USA Today Aug. 11).

The bad news: College prices continue to rise. The average cost of attending a public four-year university for the 2008-2009 school year was $6,585--up 6.4% from the previous year. And if you're attending a private school, expect an average price tag of $25,143 (collegeboard.com). If you multiply those numbers by four years and figure in inflation, you're laying a lot of money on the table.

Click the title for the whole story.
Courtesy of cuna.org

Consumer Affairs: Firing the bank? Try CUs

NEW YORK (8/17/09)--Consumers who've had rates raised, accounts closed and fees imposed may want to fire their banks, and one practical option is credit unions, says a columnist with Consumer Affairs (Aug. 12).

Mark Huffman. writing on Consumer Affairs' website, says the site has received a "cascade of complaints" about major banks. He asks the question: Is it possible to exist in the 21st century without doing business with a bank?

Click the title for the whole story.
Courtesy of cuna.org

Young adults: Earn and keep your best credit 'grade'

WASHINGTON (8/14/09)--Unlike high school or college grades, a credit score is a grade you earn and carry with you from youth to old age. Sunday's H&FF Radio show line-up includes a tutorial for young adult students and workers about all the areas, beyond credit pricing, affected by the three-digit credit score.

Home & Family Finance airs Sundays at 3 p.m. EDT on the Radio America Network. The show also is carried on American Forces Radio Network. The one-hour program devoted to consumer finance issues is brought to you by America's credit unions and their 90 million members, and is presented by CO-OP Network.

Click the title for the whole story.
Courtesy of cuna.org

Council paper: CUs need employees' engagement

MADISON, Wis. (8/14/09)--As the financial services environment continues to become increasingly complex, competitive and crowded, engaged employees are the critical ingredient for credit union success, says a new CUNA Human Resources and Training and Development (HR/TD) Council white paper.

"Employee Engagement" presents strategies credit unions can use to engage their employees during the current economic downturn and during an expansion. The paper underscores the need to tap into the discretionary energy that all employees possess, noting that many employees are working up to only part of their potential.

Click the title for the whole story.
Courtesy of cuna.org

GAO: No CUs referred to DOJ for fair lending violations

WASHINGTON (8/14/09)--No lenders regulated by the National Credit Union Administration (NCUA) have been referred to the U.S. Department of Justice (DOJ) for "being at potentially heightened risk" of violating fair lending regulations, the Government Accountability Office (GAO) has found.

Lenders that are regulated by the Office of the Comptroller of the Currency (OCC) were also less likely to be referred, while the GAO reported that those that fall under the supervision of the Federal Reserve, the Office of Thrift Supervision (OTS), and the Federal Deposit Insurance Corporation (FDIC) are more likely to be referred to the DOJ.

Click the title for the whole story.
Courtesy of cuna.org

Bankruptcy filings up 38%, CUs can expect more

WASHINGTON (8/14/09)--Bankruptcy filings in the U.S.--both business and personal--rose sharply during the 12 months ended June 30, as the recession continued to take its toll. Credit unions can expect more members and businesses to file in coming months, despite the fact the recession will be technically over by year-end, said Steve Rick, senior economist with the Credit Union National Association (CUNA).

Overall bankruptcy filings rose 35%, with 1.3 million bankruptcy cases filed in bankruptcy courts between July 2008 and June 2009. That is up from the 968,000 filed for the same period a year earlier, according to the Administrative Office of the U.S. Courts, which (Reuters Aug. 13).

Click the title for the whole story.
Courtesy of cuna.org

NCUA closes Nevada's Community One FCU

ALEXANDRIA, Va. (8/13/09)--The National Credit Union Administration on Tuesday announced that it has closed Las Vegas-based Community One FCU, citing the credit union's "declining financial condition" as the reason for the closure.

The $159 million assets Community One FCU is the fifth federal credit union to be liquidated this year.

The 21,000 members of Community One FCU will now be served by Utah-based America First FCU, which currently holds $4.9 billion in assets and more than 495,000 members. America First currently has 88 branch locations. It is not known if America First will assume control of any of Community One's existing branch locations.

courtesy of cuna.org

Word to the wise taxpayer: Beware third-party fraud

WASHINGTON (8/12/09)--Recent successful federal prosecutions should serve as a warning to all taxpayers: Hiring someone to prepare your tax return does not absolve you of responsibility for its accuracy and truth.

Last month the Internal Revenue Service (IRS) made an example of James Otto Price III, a Jacksonville, Fla.-tax preparer who pleaded guilty to claiming a first-time homebuyer tax credit for a client who was not eligible. Price could receive a sentence of up to three years in jail and/or a fine of up to $250,000.

Click the title for the whole story.
Courtesy of cuna.org

Top 20 best CU brands named by Bancography

BIRMINGHAM, Ala. (8/12/09)--Bancography has named its top credit union brands for 2009 in its Bancography Brand Value Index.

Top-ranking credit unions with assets under $1 billion included White Sands FCU, Las Cruces, N.M.; American Heritage FCU, Philadelphia; and My Community FCU, Midland, Texas.

Police and Fire FCU, Philadelphia, earned the top ranking for the $1 billion asset category, followed by Chevron FCU, Oakland, Calif., and Tinker FCU, Oklahoma City.

Click the title for the whole story.
Courtesy of cuna.org

Hyland interview continues call for diversity in CUs

ALEXANDRIA, Va. (8/12/09)--National Credit Union Administration (NCUA) board member Gigi Hyland renewed her call for stronger diversity within the credit union movement, telling attendees at a credit union conference that "diversity and collaboration are the cornerstones for credit unions' future sustainability and success."

Hyland's comments, which were delivered before the African-American Credit Union Coalition's annual conference, echoed statements made during a recent interview with News Now staff.

Click the title for the whole story.
Courtesy of cuna.org

CU gathers comments about 'Why I left bank'

SEATTLE (8/11/09)--Seattle (Wash.) Metropolitan CU is gathering comments from its members about why they chose to leave their bank and join a credit union.

The comments are a part of Seattle Metropolitan's "Intentionally Left Bank" campaign, which targets consumers who switched to credit unions from banks. The credit union said it has seen an increase in the number of new members as a result of the campaign (Seattle Business Journal Aug. 7).

Click the title for the whole story.
Courtesy of cuna.org

CUNA celebrates 75th anniversary today

WASHINGTON and MADISON, Wis. (8/10/09)--Today the Credit Union National Association (CUNA) is blowing out 75 birthday candles. It was Aug. 10, 1934, when CUNA's Constitution and Bylaws were signed in Estes Park, Colo., less than two months after the Federal Credit Union Act was signed and 25 years after the nation's first credit union was established.

"Seventy-five years ago, an extraordinary group of credit union pioneers held a 'meeting of the minds' in Estes Park, Colo., about a national association that would enhance the movement throughout the land and help it become self-reliant," said CUNA President/CEO Dan Mica.

Click the title for the whole story.
Courtesy of cuna.org

Fraudster targets shared branches

BEAVER, Pa. (8/7/09)--WESTAIRCOMM FCU, Beaver, Pa., is alerting credit unions on its shared-branching network about a fraudster who has hit several western Pennsylvania credit unions.

The individual opened an account with WEST-AIRCOMM in early June. Over the next few weeks, he deposited checks at two other credit unions on the shared branching network. The checks looked like payroll checks, but were from closed accounts (Life is Highway Aug.5).

Click the title for the whole story.
Courtesy of cuna.org

How new credit card law affects young adults

WASHINGTON (8/7/09)--Cardholders can expect sweeping changes soon from new credit card legislation, but if you're a young adult, pay special attention. Sunday's H&FF Radio show line-up includes a credit card expert who explains why young adults need to understand how the new law affects them.

Home & Family Finance airs Sundays at 3 p.m. EDT on the Radio America Network. The show also is carried on American Forces Radio Network. The one-hour program devoted to consumer finance issues is brought to you by America's credit unions and their 90 million members, and is presented by CO-OP Network.

Click the title for the whole story.
Courtesy of cuna.org

Parents give themselves grade of B-

BALTIMORE (8/5/09)--Parents gave themselves a B- for their knowledge of the importance of saving, setting goals, smart spending, and investing--not exactly a vote of confidence for such an important set of life skills (troweprice.com July 21).

Parents saw room for improvement in their understanding of basic money concepts--and how they could better equip their kids with financial smarts--based on T. Rowe Price's Parents, Kids & Money Survey, released in July.

Click the title for the whole story.
Courtesy of cuna.org

First Global Women's Leadership Forum held

BARCELONA, Spain (8/4/09)--About 40 women leaders in the global credit union movement met last week as part of the Global Women's Leadership Network, immediately following World Council of Credit Union's (WOCCU) World Credit Union Conference in Barcelona, Spain.

The network, launched earlier this year by WOCCU with the Canadian Co-operative Association (CCA), is the first of its kind. It brings together women credit union leaders from more than 15 countries to connect, share ideas and participate in a peer advisory program.

Click the title for the whole story.
Courtesy of cuna.org

Have 'the talk' before students leave for campus

MADISON, Wis. (8/3/09)--If you know some college students heading back to the dorms this month, do them a favor: Tell them now what they probably will wish they'd known when they left home. Make sure they understand how to track their spending and manage their finances before setting foot on campus, say Credit Union National Association Center for Personal Finance editors.

College life comes with many extra expenses--books, tuition, room and board, bills, groceries, parking, and entertainment costs--and some students turn to credit cards as a way to spend now and pay later...

Click the title for the whole story.
Courtesy of cuna.org

CU reacts to GM's return to car leasing

NEW YORK (8/3/09)--General Motors (GM) could begin leasing vehicles again this month, according to The Wall Street Journal (July 31).

About 3% of credit unions offer auto leasing. These credit unions have about 8.3% of credit union members, according to the Credit Union National Association's Credit Union Service Profile for December 2008.

Lake Michigan CU, Grand Rapids, Mich., did not react strongly to news about GM possibly leasing again. The credit union ended its leasing program last year when GMAC, Ford and other auto giants pulled out of the leasing market, Scott Wiggins, vice president of lending, told News Now

Click the title for the whole story.
Courtesy of cuna.org