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Credit Unions in the News


Most Recent

MI credit unions welcome changes to state law07/07/2016Michigan credit unions rejoice to regulatory changes made to the Michigan Credit Union Act. “The Act really grants us [credit unions] the availability to expand across the state, to invest in the state, to employ individual across the state” explained University of Michigan Credit Union president Tiffany Ford. 

As Independence Day passes, banks continue to attack a pillar of the country – the cooperative model (Guest viewpoint)07/07/2016Cooperative Credit Union Association president/CEO Paul Gentile defends the credit union tax status in a recent column on MassLive.com. Contrary to bank claims, credit unions do pay taxes. Credit unions' not-for-profit cooperative structure is “designed to give back to their members, not shareholders or a small group of upper management or board members” explains Gentile.  

Alabama credit unions gaining steam07/06/2016Alabama credit unions witness significant uptick in membership, deposits, and loans. In the first quarter of 2016, Alabama credit unions welcomed 16,000 new members which contributed to a rise in assets, average shares and loan balance. 

Area credit union rolls out WINcentive savings accounts06/14/2016Minnesota residents save big thanks to WINcentive Savings offered by the Minnesota Credit Union Network. WINcentive Savings is a program that links prizes to members who open and deposit money into a special savings account. Each time money is deposited, savers are entered to win an added bonus. "We've been looking at ways to help improve our members' lives," said Mark Douvier, St. Cloud Federal Credit Union's vice president of lending. "For someone who isn't a natural saver, this meshes nicely. It's an outside-the-box way of thinking."

George credit unions continue growth in Q106/08/2016Georgia credit unions are off to a strong start in 2016. The Georgia Credit Union Affiliates cited strong loan growth and increased membership, all while interest rates remain at record lows.  “All things considered, Georgia credit unions continue to experience positive economic conditions,” commented GCUA president/CEO Mike Mercer.

TTCU aims to raise $4 million for area schools this month06/02/2016TTCU pledges to donate up to $1 million to local schools in Tulsa, Oklahoma. “TTCU bleeds education our heart is for educators,” explained TTCU president/CEO Tim Lysons. TTCU has committed to match donations up of to $1 million - several foundations and companies have already committed to the campaign. 

Credit unions unite for food bank06/02/2016Kauai's credit unions will host their fifth annual Kauai Independent Food Bank Food Drive next week. “Last year, with the support of our community, we surpassed our $15,000 goal and raised an overall $15,879,” explained Terri Kaniho of Kauai Community Federal Credit Union. “This year, our goal is to meet our goal from last year, and strive to do more. Any little bit counts.”

Peninsula consumers win with banking competition06/02/20161st Advantage Federal Credit Union makes a point to aid members who've fallen victim to predatory payday lenders. The credit union has granted more than 5,000 loans to members struggling with credit and a percentage of those loans are tucked away into a savings account to help members save money. Protecting small-dollar loans like these is exactly why CUNA and the leagues are working together to ensure the CFPB's recent small-dollar, short-term loan proposal properly safeguards credit union products.

Credit unions destroy banks on yields06/01/2016Credit unions provide better deposit rates than banks, concluded a 10-year Bankrate study. According to Bankrate, between 2006-2015, credit unions beat banks by an average of 55 basis points on savings accounts, 79 basis points on 1 year CDs, and 107 basis points on 5 year CDs. Credit unions' ability and willingness to offer higher rates is a reflection of their not-for-profit, member owned, locally focused cooperative structure.

Burnsville to be latest high school offering on-site credit union05/31/2016Firefly Credit Union will debut its student-run high school branch later this year. Credit unions hosting branches in local schools has become a growing trend in America. For credit unions, providing financial education is "part of our DNA," said Bill Raker, CEO of Firefly Credit Union.

Credit unions, USAA, and regions earn top customer experience ratings for banks, according to Temkin Group05/31/2016Credit unions secured the top spot in the banking industry for the fifth year in a row for the best customer experience in the 2016 Temkin Experience Ratings.  "Credit unions continue to outshine major banks when it comes to customer experience," stated Temkin Group managing partner Bruce Temkin. The Temkin Experience Ratings is conducted every year by soliciting feedback from American consumers about their experience at various businesses.

The 3 best places to get a personal loan05/26/2016Bankrate listed credit unions as a preferred lender for personal loans. Credit unions are much more likely to offer loans to borrowers who would normally be turned away at other financial institutions because credit unions know their members.

Credit unions, community banks duke it out over planned rule05/26/2016America's credit unions and small banks aren't seeing eye to eye on the National Credit Union Administration's proposed field of membership rule. For some credit unions, the new regulation will determine whether they can continue to grow - we're currently beating small banks on loan growth - without bumping up against regulatory restrictions. CUNA staff worked closely with the Wall Street Journal on this story.

From the community: Earthmover Credit Union awards four scholarships to local high school students05/25/2016Earthmover Credit Union awarded four high school students with scholarships. The students were recognized based on their academic performance, extracurricular involvement and their essay detailing how their generation is financially literate compared to others.

Credit union members donate to help the Topeka community grow05/25/2016Azura Credit Union and its members donated $10,000 to Topeka Rescue Mission and the Boys and Girls Club of Topeka. The Topeka Rescue Mission plans to use the extra funds to offer summer programs for children and the Boys and Girls Club plans to update their financial literacy room with technology and furniture. Another great example of the credit union difference!

Crescent Credit Union president delivers inspiring message to Brockton youth05/25/2016Crescent Credit Union president Robert Gustafson delivered an inspirational message to the Boys and Girls Club of Brockton, MA. Gustafson connected with the audience by sharing his own story of growing up on “the wrong side of the tracks.” Today, Gustafson has a successful career in the credit union industry.  

Letter: No need to tax SD’s credit unions05/21/2016Credit Union Association of the Dakotas president/CEO Jeff Olson refuted bank attacks on the credit union tax status. Olson explains credit unions are not-for-profit because they are member directed, locally controlled and return their earnings back to their members, unlike banks.

New program will invest in Vermont cooperative businesses05/16/2016VSECU invests in state cooperatives by starting a program called Co-op Capital. VSECU is the first to offer such a program in the state - only a handful of states permit credit unions to make equity investments in other cooperatives. “We actually think it's good business. Co-ops also naturally circulate money within the economy because the owners are the patrons,” explained VSECU CEO Rob Miller.  

Credit unions bulk up to service as ranks thin05/15/2016Arizona credit unions embark on aggressive campaign to expand membership, assets, and branches while maintaining personal connection.    

Partners in education: students run bank branch for youth apprenticeship05/12/2016UnitedOne Credit Union opens a student-operated branch in local high school as part of Youth Apprenticeship program. The program not only educates students on money management but gives them hands on experience with finances.