Potential New Regulation Will Unjustly Disadvantage Credit Insurance Sales

For more information, contact:
Robin Jones, Director of Marketing & Training
800.521.1670, ext. 2377
rjones@aegonusa.com

ATLANTA—Now that the elections are behind us, Creditor Resources, Inc. (CRI) would like to direct your attention to an issue that directly affects the credit union industry. The Federal Reserve has proposed rules regarding the disclosures for credit insurance, debt cancellation and other products in the Regulation Z, Truth in Lending Act disclosures.

“As proposed, the Reg Z requirements would have a dramatic negative impact on credit insurance and debt cancellation sales and if enacted, would threaten the ability of credit unions to provide valuable coverage to their members and go beyond what the Federal Reserve was created to do,” states Todd Schubert, CRI’s Business Unit Leader.

There is an open comment period that ends December 23, 2010, and we are asking concerned credit union officials to immediately send a letter to their representatives in Congress urging them to contact the Federal Reserve and require hearings on the matter.

For your convenience, we have included a link in this e-mail to a Web site that will enable credit unions to send their representatives a message. By clicking on this link, http://www.aegoncan.com/page.asp?g=AEGONcan&content=take_action, you will be taken to a Web site where you can type in your name, address and zip code. A letter will automatically be created for you and addressed to your senators and congressional representative. You can then choose to e-mail it to their office or print and mail it on letterhead. (We recommend the electronic approach because it is faster.)

Please be assured that CRI is leading the charge to defeat these rules. In addition to this grass-roots campaign we:

• Will be sending our own letter directly to the Federal Reserve Chairman
• Will be launching an additional grass-roots campaign for our clients, asking them to write to the Federal Reserve and providing a similar electronic link
• Are leading numerous financial services trade associations in lobbying directly to congress and the senate
• Providing leadership to various other interested groups in the insurance and financial services industries

 This is an important moment in our industry and we appreciate your support.  

CRI, a subsidiary of global insurance leader AEGON, markets credit insurance for credit unions in North America. CRI is also a leading provider of marketing, training, claims administration, and customer service solutions for credit unions throughout the U.S. and Canada.

 

LL# 20406447

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