The Purpose of This Blog

Hello Southern Oregon! My name is Gene Pelham. I am a long-time Rogue Valley resident and I love our community. I am also honored to be the President/CEO of Rogue Federal Credit Union.
I created this blog to reach out to our community for several reasons:

First, I have found that people are looking for answers in this unprecedented economic environment. I hear your questions everyday and feel that I could provide insight that would be helpful.

Second, I want to be able to reach out to anyone looking for financial information from a local perspective whether you are a member of our credit union or any other financial institution. While I will work to manage my bias for credit unions, I am looking forward to honest dialogue on financial services.

Finally, I think it’s important for us to find ways to connect with each other focusing on common interests, and financial concerns are certainly something we ALL have in common – especially these days. I want to be available for anyone to contact me with questions, for advice or just to share their thoughts.

On a regular basis, I’ll be posting articles pertaining to a variety of financial topics with information and my perspective on what’s going on in our world, how it’s affecting our community, what others are saying, and what I think about it all. From time to time, I will invite one of our staff members or a board volunteer to fill in for me. They will provide you a different perspective on current issues impacting our community.

So I welcome you to visit often, leave your comments, look around, even email me from time to time. I want this blog to be a helpful resource for you and a way to stay connected.

Here’s to building a better community together!

Credit Card Rulings On Your Behalf

It's true! Effective July 1, 2010 legislation will pass that will benefit anyone carrying a credit card balance. The ruling restricts raising interest rates on existing balances except in limited circumstances; prevents lenders from applying any payments over the minimum balance due in a way that would maximize interest charges; provides more change in term notifications, clearer disclosure information at the time the card is opened; and at least 21-days for bill payment. Click here to read more about this.
This change presented Rogue Federal with a particularly difficult dilemma. We had already notified our members that we were increasing the interest rates of our current credit cards effective this January. Our credit cards had a variable interest rate and with the dramatic fall in the Prime rate our rates were lower than they had ever been. So, what do we do? Do we continue with a rate increase as currently allowed by law? Or do we suck it up and do what is the best for the member at the risk of lost income? After considerable deliberation we decided that the right thing was to do what the law called for even if it was not effective for 18 more months.

What did your credit card company do? I have heard stories of companies hurrying to get rate increases in place before the law takes place because they can. Thanks to this new ruling, credit card companies will be more "credit union" like when it comes to doing what’s best for you!