GreenPath, a Michigan-based, nationwide credit counseling firm, has offered credit card-issuing CUs a way they can more inexpensively meet their obligations under the Credit Card Accountability, Responsibility and Disclosure Act.
The firm, which has a history of working with credit unions, said it would allow them to offer their card-holding members access to its credit card counseling line at no charge to the CU.
The CARD Act requires credit card issuers to include contact information for credit counseling firms on their credit card statements.
"GreenPath is a long-standing credit union supporter and we wanted to find an affordable way to help credit unions stay compliant with the CARD Act," said Thomas Butler, director of finance for GreenPath Debt Solutions in the Detroit suburb of Farmington Hills.
The firm said its number will provide credit union members with access to three National Foundation for Credit Counseling providers, and that it will soon launch a service that will allow CUs to brand the line as their own, provide them real-time reporting on credit line activity and other services.