Cleveland/Bradley County Teachers Federal Credit Union What's New Page

Employee, Melissa Kirkpatrick, daughter of former Principal Marvin Kirkpatrick, was married on August 8th to Cody Johnson. The wedding was held at Ooltewah Baptist Church. The couple honeymooned in the Caribbean, cruising to several islands. They enjoyed swimming, horseback riding, and moonlit evenings on the ship’s deck. Our warmest congratulations to the happy couple.

Congress recently passed new legislation regarding open end lending as part of Regulation Z, the Truth in Lending Act. Although the intent was to implement reform in abusive credit card lending, wording in the legislation also affects any open end loan. All our loans except 90 day notes, break the cycle, and mortgage loans are open end loans.

The law requires that open end loans generate a monthly statement. In order to comply with this and other requirements of the new regulation, the CBCTFCU must implement a uniform due date for all open end loans.

Therefore, in order to comply with the new Regulation Z, all open end loans with payment due dates before the 26th of each month have had the payment dates extended to the 26th. This will allow the consumer to receive their statement at least 21 days before the payment is due. You may continue to make your payment prior to the 26th, or if you have automatic payments scheduled, they will continue to be transferred on the original date. Only the due date has been changed. If you have any questions, please call the credit union and speak with Mary Johnson.

Chuck Harris is the newest member of our staff. He will be working with members to help resolve late payment issues.

Please make Chuck feel welcome as he assumes his new duties here at the Teachers Credit Union.

Let us reassure you that despite the unstable economic times, the Cleveland Bradley County Teachers Federal Credit Union remains financially secure and that your deposits with CBCTFCU remain safe. Your deposits remain insured to at least $250,000 by the NCUSIF - backed by the full faith and credit of the federal government.

CBCTFCU is in excellent financial condition. We are well capitalized and as such have neither asked for or received any government assistance. The Cleveland Bradley County Teachers Federal Credit Union remains a safe place to invest your money.

In the following video, Credit Union National Association (CUNA) President/CEO Dan Mica explains federal savings insurance at credit unions as well as the strength and soundness of credit unions.

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.