ALBANY, N.Y. — Hudson River Community Credit Union CEO Susan Commanda told several committees of the New York Assembly that credit unions work to keep the costs of their credit card offerings low for their members.

“There has never been a need for credit unions to engage in any of the abusive credit card practices discussed here today as they would prove detrimental to their member/owner's financial well-being,” Commanda testified last month. She also focused on explaining how credit union employees and volunteers work one-on-one to assist members buried in credit card debt get back on track and educate them to make sound financial decisions in the future.

The hearing targeted the billing, marketing and disclosure practices of the credit card industry, reviewed the need for increased consumer protection and explored the state's ability to regulate the credit card industry. It was held jointly between the Assembly's Standing Committee on Consumer Affairs and Protection, the Assembly Standing Committee on Banks, and the Senate Standing Committee on Consumer Protection.

“Instead of amending state law to require state disclosure requirements, which will cause further confusion at the consumer level,” Commanda recommended, “we urge the committees to look towards further enforcement of current state and federal regulation and financial literacy education as a means of tackling the growing concern of miscellaneous fees and increased late payment interest rates and of cardholders, perhaps using credit union programs as a model.”

Other witnesses at the hearing included representatives from the New York State Consumer Protection Board, the Office of the State Attorney General Consumer Frauds Bureau, the New York State Banking Department Division of Consumer Services, the Rochester Institute of Technology Center for Consumer Finance Services, the New York State Bankers Association, the Retail Council of New York State, and the Empire Justice Center. –[email protected]