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From the Editors of CU Weekly

Arnold Ramirez, Research and Information Consultant for the California and Nevada Credit Union Leagues
updated 05/16/14 11:16 AM
Requirements for Credit Unions
My niece recently found a Visa prepaid card at home and asked me if it was still valid, but I wasn’t sure what to tell her. A little research gave me my answer.

According to Regulation E §1005.20, there are certain conditions that must be met for an issuer or seller of a general-use prepaid card which determine whether an expiration date may be applied.

Before a general-use prepaid card is purchased, the issuer or seller must disclose to the consumer the information about dormancy, inactivity, service fee, expiration date, and the toll-free telephone number. If the issuer or seller has a website, it must also disclose that site so the consumer can obtain fee information.

These disclosures must be made on the card. A disclosure made in an accompanying terms-and-conditions document—or on the packaging surrounding a certificate or card, or on a sticker or other label affixed to the certificate or card—does not constitute a disclosure on the certificate or card.

The fees—and terms and conditions of expiration—that are required to be disclosed prior to purchase may not be changed after purchase.

Click here to read the entire Research and Information column on Page 21 within the June/July edition of Credit Union Digest!

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updated 10/13/15 12:31 PM
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Credit unions are reminded that Unclaimed Property Holder Notice Reports are due to the California State Controller’s Office (SCO) before Nov. 1 for accounts and property with no activity for the past three years.

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updated 10/06/15 09:09 AM
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Federal credit unions can continue to make payday alternative loans (PALs) under changes to the Military Lending Act (MLA), which became effective Thursday, according to the Credit Union National Association (CUNA).

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