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
Schenk to IUSA TODAYI FIs must rebuild trust
NEW YORK (8/11/10)--An article in Tuesday's USA TODAY about banking regulators and others encouraging low-cost bank and credit union "second chance" checking accounts featured a Credit Union National Association (CUNA) senior economist. One of the issues is the distrust that underbanked or unbanked consumers have of mainstream financial institutions and their fees, especially overdraft fees. Rebuilding trust with consumers who have had bad experiences with mainstream financial institutions "is definitely a hurdle we have to overcome," said Mike Schenk, CUNA vice president of economics and statistics, in the article. Some financial institutions are trying to clear that hurdle by teaming up with social services groups that work with low-income families. One example cited is the National League of Cities' "Bank On Cities" campaign, which helps participating communities setup partnerships with banks and credit unions to develop safe and affordable financial products for the unbanked and underbanked. Credit unions are participating in several cities. Such services provide a second chance for consumers who've bounced checks in the past, the article said.
Other Resources

RSS





print
News Now LiveWire
Better economic & #CU conditions,leading to higher rates in '15,'16, will boost CU earnings, asset quality,capital http://t.co/rmJvi3MIpQ
5 hours ago
RT @CUNA: Today is the first day of #CUYouthMonth How is your #creditunion celebrating?
10 hours ago
New @FICO score metric expected this week, will include utility payments http://t.co/l0hGhilMqQ
10 hours ago
.@TheNCUA increased supplier diversity in 2014 by 49%, although NCUA’s workforce diversity levels declined slightly.
10 hours ago
Also from FFIEC today, council announces reappointments of Mary Hughes and Lauren Kingry to its State Liaison Committee. 2of2
11 hours ago