MADISON, Wis. (3/2/12)--An article about how credit unions surpassed banks in consumers' perceptions of safety and soundness was the most-read News Now
story in February.
The top 10 stories for the month were:
10. Mass. CU considers conversion to mutual co-op bank
WASHINGTON (2/17/12)--In Brockton, Mass., the directors of HarborOne CU posted an announcement to its website yesterday informing members that the credit union is considering a charter conversion from state credit union to a Massachusetts-chartered mutual co-operative bank.
9. IRS issues 'tax exempt' correction to CUs
WASHINGTON (2/8/12)--The U.S. Internal Revenue Service (IRS) sent a letter of correction to credit unions that were erroneously informed that they lost their tax-exempt status due to a filing error by the credit unions' "central organization."
8. ATM disclosure changes needed, says CUNA joint letter
WASHINGTON (2/9/12)--The Credit Union National Association (CUNA) has joined with the Electronic Funds Transfer Association (EFTA) and other groups to urge members of the U.S. Congress to eliminate an unneeded ATM fee disclosure requirement "that has encouraged a large and growing number of frivolous lawsuits across the nation."
7. King and Sherman introduce CU capital bill
WASHINGTON (2/9/12)--In a bill CUNA says will enhance the safety and soundness of the credit union system, Reps. Peter King (R-N.Y.) and Brad Sherman (D-Calif.) have proposed to permit the National Credit Union Administration (NCUA) to allow credit unions to accept additional forms of capital, provided it does not alter the cooperative ownership structure of credit unions.
6. Banking chair wants CU, bank exam practices audit
WASHINGTON (2/14/12)-- Senate Banking Committee Chairman Tim Johnson (D-S.D.) sent a letter to the inspectors general (IGs) of the NCUA, two federal banking agencies and the U.S. Treasury Department seeking an audit of the examination practices of the federal financial institution regulators.
5. New customer rankings: CUs only FI rated excellent
WABAN, Mass. (2/24/12)--Credit unions were the only financial institutions to receive "excellent" ratings in the Temkin Experience Ratings, which ranks the customer service across 18 industries. Credit unions ranked third across all industries.
4. CU employees discover body in repossessed truck
EVANSVILLE, Ind. (2/22/12)--Employees at a credit union in Evansville, Ind., got a shock Thursday when they opened a repossessed truck's hardshell cover and found the body of the truck's owner.
3. CUs back burgeoning growth in food co-ops
MADISON, Wis. (2/22/12)--Several credit unions have put the idea of cooperatives helping other cooperatives into direct action by helping finance start-up food cooperatives--reportedly one of the fastest-growing cooperative sectors in the U.S.
2. Debit cards: Use caution during some transactions
NORTH PALM BEACH, Fla. (2/7/12)--Your debit card looks like a credit card and feels like a credit card, so it must work exactly like a credit card, right?
1. Survey shows continuing growth in CU reputation
WASHINGTON (2/23/12)--Credit unions outshone banks in consumers' perceptions of safety and soundness with 40% of respondents to a recent poll saying they believe credit unions are the safest financial institutions, compared to 34% naming banks. Nineteen percent of respondents said they trusted both types of institutions equally.