Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Nassau County Executive Ed Mangano joins Bayville village officials and local business owners to celebrate the reopening of West Shore Road last June. (Photo credit: Nassau County)Nassau County Department of Public Works has issued bids to reconstruct and harden West Shore Road, which was badly damaged during Superstorm Sandy.The project will begin in October and is the second phase of the ongoing reconstruction of the major road that connects Oyster Bay and Bayville.The project will run from Cleft Road south to the Long Island Rail Road overpass, and will include installation of new steel sheeting along the water, improved drainage, underground utilities and reconstruction of the roadway, the county said.A bidder will be selected by the end of March.West Shore Road reopened 17 months after Hurricane Sandy caused a major portion of the seawall and roadway to collapse. The storm also rendered the Bayville Bridge inoperable after floodwaters destroyed its electrical system, putting it out of service for 15 months.“The rebuilding of the West Shore Road seawall and roadway is symbolic of Nassau County moving forward and rebuilding after Hurricane Sandy,” County Executive Ed Mangano said in a ribbon cutting ceremony back in June to celebrate the reopening of the road.Bayville-bound drivers were forced to take a detour of up to 20 minutes during the time the road was closed.In the weeks and months following Sandy, local business owners expressed concern that potential customers would avoid the village because of the extra travel time.Construction began after the county issued an emergency order to rebuild the road.
Credit unions typically incorporate minimal fees, deriving most of their non-interest income from interchange on credit and debit portfolios. As the income from interchange declines, some credit unions look to fees to replace that revenue. What fees can be charged is, in part, limited by “Reg Z”. Regulation Z is the part of the Truth in Lending Act of 1968 that sets forth rules that protect consumers against misleading practices by the lending industry, which includes credit cards. The regulation requires issuers to abstain from certain unfair practices. More specifically, it requires that penalty fees, such as late fees, be “reasonable and proportional” to the relevant violation of account terms. As a result, the Fed had proposed that credit unions may charge credit card penalty fee using arrangements that include the “cost method” requiring a financial institution to show that its penalty fee represents a reasonable proportion of the costs incurred by the card issuer for that type of violation. Any card issuer using the “cost” method will have to reevaluate its determination of what those costs are, and the reasonable fee, every 12 months. This obviously entails much bookkeeping, and as a result, most credit unions use the “safe harbor” method. If a credit card issuer charges anything up to the safe harbor amount for certain violations, it is considered to be in compliance with Regulation Z. Required annual threshold updates on Regulation Z were recently announced by the Consumer Financial Protection Bureau (CFPB). The thresholds remain unchanged from 2017 and will be effective January 1, 2018. A credit union is considered compliant as long as their penalty fees do not exceed the following amounts:$27 for a 1st violation, and $38 for any subsequent violationKeep in mind that even with the safe harbor, there are general penalty fee prohibitions that run concurrently. So, for example, penalty fees may not be more than the underlying transaction. So, if a member misses a minimum credit card payment of $15, that is the late fee limit for that transaction.As stated in the CFPB announcement, the fees remain unchanged from 2017, but this is a perfect time to review current set up and confirm you meet these guidelines. 35SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Dave Chojnacki Dave Chojnacki, Sr. Portfolio Consultant at CSCU, has more than 10 years of relationship management experience in financial services. Prior to CSCU, Dave served for six years as Director of … Web: www.cscu.net Details
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