News Release
Contact: Public Relations Coordinator
(800) 342-9835, ext. 8130SEFCU EVP Testifies On Seniors & Credit Card Debt
(August 10 - Latham, NY) – After recently identifying credit card reform as one of the "four pillars" of her intended legislation reform, U.S. Representative and chair of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit Carolyn Maloney (D) joined a public hearing on "Credit Cards and Older Americans" called by U.S. Representative Kirsten Gillibrand.
The purpose of the hearing, held Tuesday, August 7 at the Halfmoon Senior Center in Halfmoon, NY, was to gain a better understanding of the unique challenges facing older credit card consumers.
Testifying on behalf of New York’s credit unions, their 4.1 million members and the New York State Credit Union League was John DeCelle, executive vice president of SEFCU based in Albany, NY.
DeCelle testified how many older Americans are forced to rely on credit cards more and more as they find themselves caught in a financial crunch due to reduced retirement savings, rising medical costs, fixed incomes and more.
"Credit unions are concerned about the growing problems associated with credit card abuse and older Americans. At SEFCU, we are committed to educating our members on how to manage their financial lives responsibly in an effort to reduce the instances we see each day of members committing to credit terms and conditions that are predatory in nature," said DeCelle.
Credit unions are non-profit, cooperatively owned financial institutions that have remained true to their origins and mission – to promote thrift and financial stability. To participate in any activity that would take advantage of their members, who are also their owners, would be counter-productive to their structure and philosophy.
"At SEFCU, we offer card programs that provide low interest rates, no hidden fees and other benefits that meet the needs of our members," DeCelle continued. "We work with our members to fully explain the credit card rates and fees they are currently paying and show them the true cost for items purchased."
Credit unions in New York State and across the country seek to offer the most fair and affordable credit card programs. They are taking positive steps through voluntary efforts to educate all their members, including seniors, on how to manage credit card debt, as well as providing the tools necessary for them to make good life-long financial decisions.
According to research conducted by the Credit Union National Association,1 the average fixed interest rate on credit union cards is three percentage points lower than the rate on cards issued by banks, translating into an annual savings of $240 on the average American household credit card.
Established in 1934 as the credit union for State employees, today SEFCU is among the 70 largest credit unions in the U.S. with more than $1.5 billion in assets, 150,000 members and 22 offices in the Capital Region, Binghamton, Buffalo and Syracuse. For more information on SEFCU, visit www.sefcu.com.
The New York State Credit Union League (NYSCUL) has served as the trade association for the state’s credit unions for 90 years. It is the fifth largest league in the country. New York credit unions have assets of more than $37 billion and more than 4.1 million members. To learn more about the League, visit www.nyscul.org.
Credit Union National Association, "The Benefits of Membership," June 2006
1
John DeCelle of SEFCU offers testimony at a public hearing on "Credit Cards and Older Americans" held by the House Subcommittee on Financial Institutions and Consumer Credit.
John DeCelle, SEFCU, takes a moment after the hearing to speak with Congresswoman Kirsten Gillibrand.
New York State Credit Union
League, Inc. & Affiliates
P.O. Box 15118, Albany, New York 12212-5118 | 19 British American Boulevard, Latham, New
York 12110
800-342-9835 | Fax 518-437-8284
