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4 tips to reviving dormant credit card accounts

first_imgWhen many people hear the term dormant they think of once active, but now quiet volcanoes. For those scientists that have the difficult job of classifying a volcano as dormant versus extinct, the process can take years. Luckily for credit unions, they don’t need to turn to volcanologists for assistance when analyzing inactive accounts. Finding a means to erupt inactive credit card accounts is a bit easier.  Who’s your cardologist? So what is the key in both scenarios – volcano classification and credit card history?Data!  Neither scientists nor credit card analysts will get very far without solid information. Credit union card teams need to analyze as much internal and external data as possible in order to properly segment dormant cardholders before executing strategies to bring them back to life.We couldn’t agree more with the following statement from CUInsight, “The key to success is identifying which of a portfolio’s dormant credit card accounts offer the greatest potential for reactivation.”  In the article “Data-driven strategies wake sleeping credit card accounts,” the analysts have found that dormant credit card account owners generally fall into one of four basic categories: continue reading » 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

NCUA board issues proposal on role of supervisory guidance

first_img This post is currently collecting data… The NCUA board voted at a special meeting Wednesday to issue a joint interagency proposal on the role of supervisory guidance. The proposal was announced last week, and comments will be due within 60 days of its publication in the Federal Register.Specifically, it codifies a September 2018 statement that supervisory guidance does not have the force and effect of law. Agencies issuing the rule include the Office of the Comptroller of the Currency, Federal Reserve, Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau.“By codifying the 2018 Statement, the proposed rule is intended to confirm that the agencies will continue to follow and respect the limits of administrative law in carrying out their supervisory responsibilities,” the proposal reads. “The 2018 Statement reiterated well-established law by stating that, unlike a law or regulation, supervisory guidance does not have the force and effect of law. As such, supervisory guidance does not create binding legal obligations for the public. The proposal would also clarify that the 2018 Statement, as amended, is binding on the agencies.” This is placeholder text continue reading »center_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more