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Consumer
News & Views
Published twice monthly
August 1, 2010 Issue
This issue is sponsored by
In this Issue…
- Consumer Confidence Drops Again in July;
Consumers Are Angry.
- President Obama Signs Financial Reform Bill
- Mountain America Credit Union Makes a Difference.
- Foreclosure Rate Continue to Concern Lenders and
Builders.
- Apply for the 2010 Green CSM Certification
Program.
Consumer Confidence Drops Again in July. The majority of Americans are
increasingly feeling gloomy about the prospects of finding meaningful employment
and any signs of an economic recovery in 2010. According to The Conference
Board's Consumer Confidence Index, Americans' positive sentiments declined from
54.3 percent in June to its current 50.4 percent in July.
Thomas Hinton, president and CEO of the American Consumer Council commented,
“This is not a good sign for consumers who were hoping that job growth might
show improvement and the billions of dollars spent by the Bush and Obama
Administrations would start to signal a stronger economic recovery.” Hinton
added, “Given the decline in consumer confidence, elected officials will be in
serious trouble come November’s elections. Consumers will extract a pound of
flesh on election day for the mismanagement of the American economy.”
President Obama Signs Financial Reform Bill. Responding to calls from
consumer groups and frustrated Americans, on July 21, President Obama signed the
toughest set of Wall Street regulations and consumer protections against greedy
financial practices since the Great Depression two years after the financial
meltdown that wreaked havoc on the American economy.
As reported in the New York Dail News, Obama said, "In the end, our financial
system only works - our markets are only free - when there are clear rules and
basic safeguards that prevent abuse, that check excess, that ensure that it is
more profitable to play by the rules than to game the system."
The president also emphasized that because of the new law, "the American
people will never again be asked to foot the bill for Wall Street's mistakes.
There will be no more taxpayer-funded bailouts. Period.
"If a large financial institution should ever fail, this reform gives us the
ability to wind it down without endangering the broader economy. And there will
be new rules to make clear that no firm is somehow protected because it is "too
big to fail."
Obama was surrounded by top Democratic officials at a ceremony at the Ronald
Reagan Building as he delivered on a key campaign pledge by signing into law
tough reforms, including a creation of the position of consumer advocate, who
has the authority to punish unscrupulous banks and brokers.
"That is what these reforms are designed to achieve: no more, no less,
because that is how we will ensure that our economy works for consumers, that it
works for investors, that it works for financial institutions - that it works
for all of us," Obama insisted.
Mountain America Credit Union Supports Its Community and Offers Lower Loan
Rates.
Are you looking to be part of a safe, secure and progressive credit union?
If so, consider Mountain America Credit Union with offices in New Mexico,
Nevada, Utah and Arizona. Mountain America Credit Union has super-low loan rates
for qualified members and borrowers ranging from 2.99% for a home equity line of
credit to 3.99% for auto loans.
And, Mountain America Credit Union is working hard to support its
communities. Recently, MACU presented a check for $100,000 to Primary Children’s
Medical Center at its annual Telethon. "Mountain America Credit Union is
committed to supporting the causes that are important to our members—and the
needs of families and care for children are at the top of our priority list,"
said Sharon Cook, senior vice president at Mountain America. "We support Primary
Children’s because it has long been recognized as one of the top children’s
hospitals in the United States, and it serves the communities where Mountain
America’s members live."
The money was raised at the credit union’s annual Swing for the Kids Golf
Tournament.
"We are deeply grateful to Mountain America Credit Union, its sponsors, and
to all who participated in the "Swing for the Kids" Golf Tournament," says Joe
Mott, CEO of Primary Children’s Medical Center. "Over the past nine years, the
tournament has brought together friends and colleagues for a great day of golf.
But more important, it has generated almost $700,000 to further the hospital’s
mission of providing specialized medical care to children in an environment of
love and concern."
Mountain America Credit Union has 63 branches in four states and offers a
variety of financial products and services for consumers and businesses. With
roots dating back to the 1930s, Mountain America Credit Union is a tradition for
many members. Today the credit union serves more than 343,000 members and has
over $2.8 billion in assets. Mountain America Credit Union has been honored four
times as one of "Utah’s Best Companies to Work For" by Utah Business magazine.
Visit www.macu.com for more information.
Foreclosure Rate Continue to Concern Lenders and Builders.
According to homebuilders and lenders, the Obama administration's effort
to help those at risk of losing their homes is failing to aid many and
could spur a rise in foreclosures that would further depress the housing
industry. More foreclosures would force down home prices and that would
deter already-ailing homebuilders from starting new projects.
As a result, the economic rebound could suffer. Each new home built creates,
on average, the equivalent of three jobs for a year and generates about $90,000
in taxes paid to local and federal authorities, according to the National
Association of Home Builders. "Foreclosures hold down the pricing for
everybody," said Marty Mitchell of Mitchell & Best Home Builders in Rockville,
Md. "As a builder, we have to be cognizant of foreclosures, if there are more
coming along, because it affects pricing across the board."
Home construction plunged in June to the lowest level since October, the
Commerce Department said Tuesday. Driving the decline was a more than 20 percent
drop in condominium and apartment construction, a small but volatile portion of
the housing market. Construction of single-family homes, the largest part of the
market, was essentially flat.
2010 Green CSM Certification’s
Accepting Applications for Fall Cycle:
If your company or organization would like to increase its credibility
with consumers, consider applying for the Green CSM Certification.
Applications for the Fall 2010 cycle will be accepted starting August
16-November 19, 2010
It’s
a proven fact that consumers want to do business with companies that are
eco-friendly and practice Corporate Social Responsibility (CSR). The
process is straight-forward and all applicants are recognized by the
American Consumer Council and the Green USA Institute.
All applicants complete the criteria and submit their responses to ACC’s
Green Consumer Council for review, assessment and feedback. Program
details and the Green CSM Certification
criteria can be viewed at ACC’s
website located at:
www.americanconsumercouncil.org/green
For more information, please call ACC at
1-800-544-0414 or visit ACC’s website by
clicking here.
To become a member of the American Consumer
Council, visit us at:
www.americanconsumercouncil.org
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