Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Connecticut governor signs CU student loan act
MERIDEN, Conn. (7/24/09)--At a bill-signing ceremony Wednesday at Seasons FCU, Middletown, Conn., Gov. M. Jodi Rell signed the credit union-backed bill for a Student Loan Guarantee Program Reserve Fund.
Connecticut Gov. M. Jodi Rell and Credit Union League of Connecticut President/CEO Tony Emerson posed after Rell signed credit unions' student loan bill into law Wednesday . (Photo provided by Credit Union League of Connecticut)
Twenty-four Connecticut credit unions participate in the program, which offers low interest rates to students who live or go to school in the state and who may not qualify for traditional loans, or who already have used their resources and are having difficulty funding tuition. Rell said that in light of credit unions taking on the risk, the Connecticut Health and Education Facilities Authority (CHEFA) would provide 20% guarantees for the loans. “Credit unions remain healthy in the current economy due to key differences in our structure,” said Tony Emerson, president/CEO of the Credit Union League of Connecticut. "As cooperative financial institutions, credit unions are not reliant upon the capital markets for funding, but are instead funded through member deposits. Therefore, as the credit crunch hit much of the economy, credit unions by contrast have money that they are ready to lend out to their members," Emerson said. "In addition, it is our mission to help people make credit unions an excellent choice for a program such as Governor Rell’s Student Loan Program,” he added.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
2 hours ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
4 hours ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
4 hours ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
4 hours ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
6 hours ago