e-Weekly
June 10, 2009
Not too Late to Register for CU Association of Rhode Island Convention
One of the great things about this spectacular event is that you don’t have to worry about buying an airline ticket in advance. This year you have the luxury of being able to opt in at the last minute for this great national gathering and our annual meeting at the Hynes Convention Center in Boston!
If your schedule is tight and you can only join us for one day, then Tuesday’s program is packed with terrific speakers as well as the Association’s Annual Meeting. The registration fee for Tuesday is just $299 and that includes breaks and lunch. The “day hop” is also great opportunity for credit union middle management staff to take in a national conference without the thousands of dollars that such an experience usually costs. Full conference registration is $895 but by using a simple Twitter “coupon” you can get that price down to $695! For credit unions of $35 million in assets or less the whole conference only costs $450.
Come join in the 100th anniversary of the founding of the credit union movement in the place where it all began. Click here to register.
Small changes made to ‘red flags’ rule
The National Credit Union Administration, Federal Trade Commission, and the other financial institution agencies recently issued a final rule that makes technical corrections to the identity theft "red flags" rule.
The changes address discrepancy rules and affiliate marketing rules that were issued under the Fair and Accurate Credit Transactions Act. They include a clarification that notes discrepancy notices need only be provided by nationwide consumer reporting agencies.
The agencies also made the following two corrections to the affiliate marketing rules:
- A model form that allows consumers to voluntarily opt-out of marketing by businesses and their affiliates was amended by inserting language in brackets that allows businesses to disclose the duration of any opt-out period; and
- A provision in the instructions to the model forms was included to clarify that a person may add a disclosure to the forms that explain the treatment of opt-outs by joint consumers.
Credit union auto loan incentives mean record May sales
A record monthly total of more than 38,000 General Motors (GM) and Chrysler vehicles were sold in May through credit unions' "Invest in America" program, bringing its total to 140,000 new vehicle sales since January. The program is on pace to sell 300,000 vehicles this year.
"Invest in America" is credit unions' auto loan discount program with auto manufacturers General Motors Corp. (GM) and Chrysler Corp. The program started in December with a four-state pilot program for GM and a 12-state pilot for Chrysler.
About 80% of the program's May sales were financed through a credit union, David Adams, CEO of CUCorp, told a teleconference Monday. CUCorp is a marketing company based in Livonia, Mich., and wholly owned subsidiary of the Michigan Credit Union League.
During the first four months of the program--prior to May--average monthly sales were 25,000 vehicles, Adams added. About 22% of the sales were from members who previously owned an import, and now--through the program--have decided to buy from U.S-based automotive companies, according to GM research data of 1,500 credit union members who participated in the program in April, Adams told the teleconference. Also, 37% who are in the program had previously owned a vehicle other than a GM product.
The rise in credit union members' auto purchases comes at a time when GM and Chrysler are reinventing themselves through accelerated bankruptcy restructuring efforts, CUCorp said. The credit union sector growth suggests that consumers are buying GM and Chrysler brands despite a feared negative stigma associated with bankruptcy.
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