More evidence has appeared showing that credit unions are bucking the national trend of shrinking credit lines and diminishing use of credit cards.
TNB Card Services, the card processing arm of credit union owned Town North Bank, reports a year over year increase in the number of credit card accounts of 30% among its client credit unions. The card processor also reported an 8% increase in outstanding card balances.
"In many ways, the Credit CARD Act has given credit unions an unprecedented opportunity to change the credit card landscape and gain wallet share," said Mark Fenner, senior vice president, TNB Card Services. "Consumers are turning to credit unions because of their relationship philosophy and member-friendly card policies, which is gaining widespread media attention due to the predatory lending practices of many national financial institutions."
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