From all indications Citi is not subject to the CARD Act. They are improving practices for the benefit of their customers.
I just received an email from Citi. Yes, in addition to being that girl who banks with a big bank, I also hold a Citi credit card. Normally, I ignore any direct mail with a return address of South Dakota. But I do read my email. This one read:
"At Citi, we're constantly working to provide you the best possible service and support to help you continue to make responsible credit choices. As part of this effort, we've enhanced your account statement to make it clearer and easier to read."
The changes Citi made include a minimum payment warning, a late payment warning, information on financial counseling, and a summary of fees and interests. According to this email, Citi cares about me as a customer and wants me to make financially responsible choices. To the average consumer, this might seem somewhat genuine, as there is no mention of the CARD Act or the heinous practices that forced the government to take action.
When you – as a credit union – informed your members of the CARD Act changes, did you mention the regulation? Did you highlight, and do you continue to highlight, your member-friendly fees? How do you reinforce the value of being a member of a credit union?
In the past, we've highlighted credit unions, such as APL FCU, for putting a positive spin on new legislation. For more ideas on how your credit union can benefit from CARD Act regulations, attend Callahan's upcoming webinar Optimizing Your Card Portfolio in a post-CARD Act World. We know it's important all credit union credit card issuers understand their card program's performance, and we strive to provide resources to help you take action.