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Speed Dating, McDonald's, And Credit Union...
Anatomy Of OUR Credit Union
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Restoring Cooperative Principles At NCUA
Sophisticated Financial Tools Offer Big Advantages For Smaller Credit Unions
5 Areas Of Innovation All Credit Unions Need To Monitor
Meet PAU=L, A Card Program's New Best Friend
Underwriting And The Qualified Mortgage Rule
NCUA’s Proposal Would Prohibit Home-Based Credit Unions (part 1)
As Consumers Rebel, Credit Unions Can Benefit
eBrief: The "Unintended" Compliance Consequences of the CARD Act Continue to Grow
Piedmont Advantage Re-Energizes Its Card Offerings
Getting off the Bench and Back into the Game
More Than Credit Cards – the CARD Act’s Reach Extends to 5,230 Credit Unions with HELOCs
July 31, 2009
My advice to credit unions during this time is to "stay the course". If your card program has been generating $75-$100 annual net income per account, you will be in good shape. This is not the time to hit your members with the SAME changes banks are making: variable rates, increased APRs, increased fees, cash advance fees, etc. You would be surprised at the number of inquiries I've been receiving regarding the variable rate structure. Keep in mind, "rate" is only one part of the income stream: 70% finance charge, 15% interchange and 15% fees. Fees and usage must also be balances. If you have had a huge amount of overlimit fee income in the past, this is one category that needs to be reviewed. Make sure you know beyond the card program ROA (ie net income per account) before making any drastic rate changes to your program.
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Sophisticated Financial Tools Offer Big ...
As Consumers Rebel, Credit Unions Can Be...
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