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Posted: Nov 14, 2018
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ThePaymentsReview compliance feature occasionally highlights regulatory topics important to credit unions

On October 17, 2018, Acting Director of the Bureau of Consumer Financial Protection (BCFP) (previously the Consumer Financial Protection Bureau - CFPB), Mick Mulvaney, announced at the Mortgage Bankers Association, that the Bureau has set out on an agenda to better define the term “Abusive” in the Unfair, Deceptive, and Abusive Acts or Practices (UDAAP).

 

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Posted: Nov 5, 2018
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Over 13M Americans (5.35%) have finished holiday shopping! Now for the good news – the other 95% of shoppers still have not completed!  However, another 18% anticipated being finished by November 1st.  Black Friday is no longer the perceived start to holiday shopping. If issuers are waiting until closer to Black Friday to begin promotions to entice cardholders to use their card products, they will be getting out of the gate late.  A full three weeks late.

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Posted: Nov 1, 2018
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Why Embracing Lifelong Learning Is The Best Gift You Can Give To Your Professional Self

[Editor’s Note: This article was previously published on CUInsight, and has been modified.]

During my recent presentation at Trellance’s Payments Academy, I spoke about the importance of embracing thought leadership in building a personal brand. I challenged the attendees to ask themselves, “What do I want to be known for?” This sparked a conversation among the presenters and attendees about what makes someone an expert. The consensus was that years of experience in your field is just one of the main ingredients in claiming expertise. The other essential component is the expert’s ability to remain relevant and knowledgeable on his/her area(s) of expertise in this ever-changing landscape.

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Posted: Sep 19, 2018
Categories: Credit Cards, Marketing
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[Editor’s Note: This article was previously published in the CU Today, and has been modified.]


It’s no surprise that card issuers are pursuing the affluent consumer with their credit card offerings. These cardholders generally contribute 60% more spend than non-affluent cardholders and their monthly spend is 3.6X greater than cardholders with traditional credit cards. Therefore, these consumers are spending and transacting more frequently, which equates to higher revenue for the issuer.

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Posted: Jun 22, 2018
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Credit Unions Can Offer Members Affluent Cards and Increase Their Bottom Line

Wealthy Americans love credit card rewards. These cardholders can also be the most profitable for a credit union issuer – but only with the right card product.

The battle to acquire cardholders is being won by issuers who use rewards as ammunition. Both Visa and Mastercard report card growth in the low double digits, with the lion’s share of that coming from reward cards. It’s no secret that Americans love their reward cards. According to Brian Riley of The Payments Journal, more households have credit card rewards than have 401k plans. And the rewards continue to grow. In 2008, the average credit card bonus offer was 16,050 points. Today, the average offer is 40,556 points.

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