NAPLES, Fla. — Consumers are still going to use their cards over the holiday shopping season, but significantly less than they have in previous years, according to a Web site that tracks card trends.
Cardtrak.com expects credit card spending to rise 3% between Thanksgiving and Christmas this year, less than half the 10% increase in card spending during the same period last year.
The card data site expects that signature debit spending to increase by 7.2%, while store credit cards will increase by 1.6% and credit card purchase volume is expected to rise by 1.4%.
Cardtrack.com cited the slightly shorter holiday shopping season, lower consumer spending and a reluctance among many credit card issuers to extend more credit for the slower card spending.
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Ingram Named Okla. League CEO
TULSA, Okla. — Ending an 18-month search, the Oklahoma Credit Union League said last week it has named its long-time interim manager, Debra J. Morrow Ingram, president/CEO.
Ingram, who had been executive vice president, had held the acting job since June 2007 following the resignation of Lisa Finley, a career staffer.
Ingram was named to the Oklahoma league job at a time of transition for the trade group. Last spring it assumed a new partnership pact with the Texas Credit Union League, giving the Texas league control over several key functions and underscoring a regional trend among state leagues.
"D.J. performed well as the interim president/CEO under some very difficult circumstances," said a statement issued by Michael D. Kloiber, board chairman and president/CEO of Tinker FCU. "The continuation of this leadership was deemed an important reason for the board's decision. We are now positioned to complete the move to our new office in the Oklahoma Credit Union House in Oklahoma City and the partnership agreement with the Texas Credit Union League."
Ingram, an attorney who joined the league in February 2006, said she looked forward to "the many opportunities ahead for the Oklahoma Credit Union League and its members and am committed to promoting continued growth and development of Oklahoma credit unions through innovative products and services, education and advocacy."
Under the partnership with Texas, the Oklahoma league will maintain lobbying and legislative liaison in Oklahoma City through 2009, but many back-office operations will be handled out of the Farmers Branch, Texas, headquarters, which maintains a service pact with the Arkansas league.
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Octant Business Adds to Owner Lineup
LITTLETON, Mass. — Commercial loan underwriting and servicing CUSO Octant Business Services has added Northern Massachusetts Telephone Workers Community Credit Union to its owner roster.
Octant is now owned by nine New England credit unions including Eastern Corporate FCU. A wide range of services was among the factors that led the $435 million Northern Massachusetts Telephone Workers Community CU to choose Octant, according to the CUSO.
"It's extremely important for us to have a trusted source for loan underwriting, collections, and other portfolio administration activities," said Ken Del Rossi, president/CEO of the credit union.
Bob Cipriani, president of Octant, said the CUSO has a nearly four-year track record of helping credit unions' business lending programs.
"In the current market environment, traditional lenders have turned their backs on many businesses. As a result, credit unions are seeing a tremendous spike in applications, and many new relationships are underway," Cipriani said.
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