Why the Fed should stop talking about raising interest rates10/17/2014"Until we see wages expanding
faster than the rate of inflation, and significantly so, we won't see much in
the way of inflation pressure," says Mike Schenk, CUNA's VP of economics
& statistics. "Why raise rates if you don't have inflation?"
On leading CUNA: Diving into maelstrom of challenge, opportunity10/10/2014"By keeping credit available to
enable members to own homes, buy cars, open businesses and create jobs, credit
unions have done an outstanding job serving members' needs as the nation
continues to recover from the financial crisis inflicted on it by the big-banks,"
said CUNA's president and CEO Jim Nussle. "That leadership and careful
stewardship of their members' financial health helped credit unions maintain
and ultimately strengthen a high level of confidence and trust among their
Bankruptcy and your credit score10/07/2014Consistency in handling every form of credit after bankruptcy is key, says CUNA's Susan Tiffany. "You're establishing and demonstrating that you are responsible with this credit." She strongly suggests using automation and technology to make your bill paying easy. "That way you don't get into bad habits," like late or missed payments. Additionally, CUNA's Mike McLain says that "Any loan that is re-paid will help re-establish your credit sooner."
2014 Banking Landscape Report10/06/2014Numerous outlets have reported on WalletHub's report, which found that credit unions offer consumers the best deals. Some interesting finds: credit unions are 72% cheaper than national banks, offer 105% more features and provide 562% higher interest rates; when it comes to small banks, credit unions are still 48% cheaper, offer 46% more features and provide 699% higher interest rates, and; credit unions offer the highest interest rates on the market for interest-bearing checking accounts, savings accounts and CDs, offering average interest rates of 0.43%, 0.21% and 0.79%, respectively.
What you need to know about mobile deposits10/05/2014Mobile deposits aren't so simple. And if you're not careful, not so safe as well. There have been news accounts of fraud and abuse. "There are risks. If you lose the original check, even if it is no good after deposit, valuable private information can be revealed if it falls into the wrong hands," says CUNA's Michelle Dosher. Another risk is data and identity theft in public places. Dosher says crooks can use public wi-fi networks and spying devices to leach customers' financial information as they enter it into their phone.
August jobs report breaks 6-month streak of strong hiring10/03/2014Mike Schenk says, "Nothing alters our fundamental view that the labor market is broadly improving" regarding the August unemployment rate report.
5 money mistakes new graduates make09/25/2014CUNA’s Michelle Dosher gives tips for 20-somethings to help them establish good financial habits now that can prepare them for unforeseen expenses and save for future goals.
A Top Priority: Reduce the Regulatory Burden09/24/2014CUNA’s Jim Nussle addressed how to
reduce credit union regulatory burden.
Could prize-linked savings accounts convince you to save?09/23/2014"It is really hard to get some people to build up savings balances, especially in the bottom half of the income distribution," says CUNA’s Bill Hampel. Based on the findings in Michigan, credit unions and consumer advocates throughout the country are urging legislators in other states to allow prize-linked savings accounts.
The strength of CUNA09/23/2014CUNA’s president and CEO Jim Nussle focused his first op-ed on how to achieve CUNA’s goals.
Backlash Brews as Banks and REITs Oppose FHLB Rule Change09/17/2014CUNA Chairman Dennis Pierce testified at a Senate Banking Committee about ways Congress can help reduce credit union regulatory burden. He opposed regulations proposed this month that would rein in Federal Home Loan Banks, saying it could restrict mortgage credit during a fragile housing recovery.
Your credit report: 6 tips for homebuyers09/08/2014"If you're on the bubble of qualifying for a loan and the lender sees a lot of inquiries for credit cards and store cards, it could hurt you because it looks like you're trying to stretch your cash flow," says Susan Tiffany, director of personal finance for adults for CUNA.
Credit unions keep up pressure on retailers09/06/2014CUNA launched a new website and campaign called "Stop the Data Breaches," which is aimed to mobilize members and urge Congress to pass legislation. "When a data breach occurs, the merchants pay NONE of the costs to send individuals their new cards or the fraudulent charges an individual may have on their cards or accounts," the website warns. "In fact, the merchants are not required to pay ANY costs incurred from their own data breaches. Who does pay all the costs from these breaches? Your credit union — and ultimately, credit union members like you."
Aug. job gains slip to 142,000, fewest of 201409/05/2014CUNA’s interim chief economist Mike Schenk weighed in on August job numbers, estimating that monthly job growth will average about 220,000 the rest of the year and for all 2014.
The real reason bankers oppose credit unions' tax exemption09/05/2014Bill Hampel, CUNA interim president and CEO, highlights the credit union structure as the key distinguishing characteristic between credit unions and banks, noting that Congress gave credit unions an exemption in 1934 based on their cooperative structure and mission to provide people with access to credit for provident purposes.
Your credit report: 6 tips for homebuyers(1)09/05/2014Susan Tiffany, director of personal finance for adults for the Credit Union National Association, says that when you're getting ready to apply for a home loan you should request all three free credit reports from Experian, Equifax and TransUnion. "All three credit bureaus have different reporting patterns and each could have a different error that you might need to fix."
How to buy a car with low or no credit09/04/2014Mike Schenk urges auto buyers to shop around and try at least one credit union, especially if they have an existing relationship with one. "Credit unions are member-only financial cooperatives, and they're smaller than other financial institutions," Schenk says. "They tend to be a little more flexible in their underwriting and be more willing to listen to your story. The fact that they're small means that underwriting is being written locally, not by some big corporation three or four five states over."
ADP: U.S. businesses add fewer jobs than expected in August09/04/2014U.S. businesses added more than 200,000 jobs for the fifth consecutive month in August and CUNA’s Mike Schenk weighed in: “Our current outlook is probably the most upbeat we’ve come up with the past seven years. We still have a long way to go before we can claim things are better.” He projects the unemployment rate will continue to fall and the economy will expand by about 3.5% in 2015 but said it was problematic that the average duration of unemployment is still about two times higher than historical norms.
Credit unions worried about FASB credit loss proposal09/03/2014CUNA’s Mary Dunn is featured in Accounting Today, the accounting industry's publication of record. The piece focuses on why the new record keeping requirements are not appropriate for credit unions, as well as highlighting past Bill Cheney comments on the superiority of IASB model.
8 keys to safe credit, debit card use on campus09/02/2014Michelle Dosher, CUNA’s managing editor for the consumer education department, says that some purchases may take several days, or even a week, to clear because not all purchases are deducted from your account the minute you make them.