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Credit Unions in the News

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Banking on change: this much is certain – a new administration will have new priorities. But what will they be?11/28/2016New Jersey Credit Union League President/CEO David Frankil discusses credit union's appeal to millennials and his concerns with the Dodd-Frank Act. Frankil believes “the more millennials start to look at the structure of their banking relationships, the better credit unions have become.”  On the regulatory side, Frankil is hopeful that the newly elected administration will re-evaluate the 'one size fits all' approach towards the Dodd Frank Act. Credit unions “ought to be treated a little bit differently because the whole ethos of a credit union is fundamentally different” from other financial institutions.

Banks, credit unions hope to teach kids the power of savings11/27/2016Credit unions offer incentives to help younger members acquire proper money management skills. Whatcom Educational Credit Union gives two stackable coin banks to members under the age of 12 to help demonstrate how their money adds up over time. At North Coast Credit Union, staff deposits $5 into the checking or savings accounts of members under the age of 17 if they get a good report card. “We're seeing more and more parents bringing in their children in order to receive financial education,” said North Coast Credit Union Chief Operating Officer Marilyn Brink.

There’s more you can do to support small businesses than shopping local11/25/2016Montana Credit Union Network President/CEO Tracie Kenyon advocates shopping local isn't the only way we can support small businesses; you can also join a credit union! “If small businesses are the pot from which communities feed, credit unions are the fire that keeps them warm,” wrote Kenyon. In the first half of 2016, credit unions loaned $11.4 billion nationally to businesses which helped small businesses and the local economy to thrive.  

Fixing your finances: handling your finances for the holidays11/17/2016Hershey Federal Credit Union Senior Member Support Representative Irene Malena offers financial advice for the holiday season. Malena begins by stating the key to smart holiday spending is to sticking to a budget. In addition, if you have a credit card with a high balance on it, Malena advises you keep that card at home. Malena stresses that the real gift is spending quality time with family and loved ones during the holidays.

GCUA: holiday expenses11/16/2016Georgia Credit Union Affiliates suggests ways to cut costs and save money during the holiday season. If you're looking to spend but don't want to use a credit card, think about taking out a loan from a Christmas Club account at your local credit union. Or take advantage of a rewards card that give you points you can use to purchase merchandise. To be ahead of the curve, set up a savings account for next year's holiday expenses or bargain shop for the best deals - it's never too early to start saving!

Shared branching: one of credit unions’ best perks11/15/2016One of the perks to being a credit union member is having access to over 30,000 surcharge-free ATM branches. Nearly 1,800 credit unions belong to the CO-OP Financial Services shared ATM branch network which hosts locations in every state. Credit union members can visit any participating ATM and make deposits, withdrawals, and transfers at no charge! “The participating credit unions are home to about half of all credit union members, about 50 million people” explained CO-OP Financial Services Chief Operating Officer Craig Beach.

How credit unions differ from banks11/12/2016While credit unions and banks may offer similar financial products and services, there are distinct differences in their governance. Credit unions are not-for-profit member-owned financial institutions that exist to serve their members. In addition, profits are returned to members in the form of lower rates or reduced fees. Meanwhile, banks for for-profit financial institutions who return earnings to Wall Street shareholders.

See who racked up $200K in grants from Mayor’s prize for entrepreneurship11/11/2016Nusenda Credit Union Foundation is one of the winners of the Mayor's Prize for Entrepreneurship.  The foundation received a $500,000 grant that will help support entrepreneurs with reliable access to affordable capital. The grants awarded by the Mayor are to assist entrepreneurs to start and establish more business in Albuquerque. 

Credit union helps Ribbons of Life charity11/10/2016Ventura Credit Union, along with the Ribbons of Life Breast Cancer Foundation, donated funds in support of National Breast Cancer Awareness month. Ventura Credit Union raised funds by selling bracelets and receiving individual donations from credit union members and staff. 

What could happen to the CFPB under President Trump?11/10/2016"We just believe it creates an environment for more sensible rule-making from collaboration, much like among this committee, from different minds,” Wally Murray, chairman of the Nevada Credit Union League, said during a Senate Banking Committee hearing on the CFPB last year. “When you have one person in charge of the entire bureau, who sets that agenda? One person essentially. We just feel like it's a more common sense approach to coming out with common sense regulation.” 

Austin Chapter of Credit Unions11/09/2016Austin Chapter of Credit Unions VP of Marketing Brandy Conway offers a plan to get you completely debt free! Conway says with a little diligence, consumers can lower their debt by following these steps: evaluate your debt, assess your budget, devise a plan and start negotiations. Conway encourages consumers to join a credit union to help anyone achieve these goals!

How I made the switch from big bank to credit union11/06/2016Journalist Tex Dworkin shares her personal story as to why she switched from a bank to a credit union. After being robbed in South Africa, Dworkin returned to the states and visited her former financial institution Wells Fargo - which offered her no help. Dworkin realized it was time to switch and moved her money to a credit union, where she says she “felt more financially secure.” “The service is incredible, and I can do all of the important transactions that I could with the big banks - with less hassle, zero hidden fees, and feeling respected along the way.”

Manager: credit unions growing in membership11/06/2016The residents of Danville, VA, have taken a liking to ValleyStar Credit Union, Piedmont Credit Union and URW Credit Union. All three credit unions reported a rise in membership. “We take care of people when banks won't,” explained URW Community Federal Credit Union Lending Manager Chris Simmons. Piedmont Credit Union Member Solutions Dan Veasey added, “we work with our members to find the best, most affordable solutions.”

ABC NEWS 10 by CLARISSA SCHMIDT11/03/2016Cap Com Federal Credit Union donates over 300 winter coats to the children at CEO’s Lansingburgh Family Resource Center. “Some of them don’t have jackets and that’s really important and anybody can use a second jacket,” commented Cap Com Federal Credit Union Chief Banking Officer Diana Vananerongon. 

High school apprentices gain experience at Delta Community Credit Union11/02/2016High school students enjoy their time apprenticing at Delta Community Credit Union branches. Since 2006, when the program began, 90 students have participated and 35 have gone on to become employees. Peachtree Ridge High School senior Azim Master, who worked as a teller, said “I learned that I actually enjoy helping members and problem-solving their issues right away at that moment.” 

Credit union puts on ‘Mini Billionaires’ Academy’ in the Philippines11/01/2016Tallahassee-Leon Federal Credit Union will head to the Philippines to host a ‘Mini Billionaires Academy’ for local children. The program will feature various agendas in accordance with the financial culture in the Philippines such as basic personal financial concepts for children, young entrepreneurship, and a workshop for credit union executives. “We are excited that we will have this opportunity to witness how credit unions are engaging youth and low-income families in the Philippines. We feel this exposure will assist us in taking our efforts to the next level in empowering folks in our community,” explained Tallahassee-Leon Federal Credit Union President/CEO Lisa Brown. 

Credit unions fight hunger because it’s ‘people helping people’11/01/2016The Greater Fox Cities Chapter of Credit Unions ‘stocks the shelves’ to help combat state hunger. Every credit union in the chapter participates by either providing financial support to fund the initiative, collecting food items for local food pantries, or volunteering. “Hunger is a fact of life for many throughout the Fox Cities. It knows no boundaries. Stock the Shelves allows us all to make an impact,” shared Unison Credit Union Executive Vice President Cheri Ver Voort. 

What is a credit union?11/01/2016My San Antonio and NerdWallet takes a closer look at how credit unions operate as a not-for-profit member-owned financial institutions. While credit unions and banks offer similar products and services, credit unions are able to offer lower fees, better rates on loans, and higher rates on savings. In addition, since credit unions operate as cooperatives, they participate in the CO-Op Shared ATM Network, which hosts more than 30,000 surcharge-free ATMs!

Miller: Co-ops need participation10/29/2016VSECU CEO Rob Miller urges credit union members to exercise their right to vote in boards of directors elections. Like all cooperatives, credit unions are governed by a democratically elected leadership made up of its members, not shareholders, where every member has an equal vote, regardless of financial investment. “With an engaged membership, we can better support our members and local community,” said Miller. 

Survey shows most Americans believe big banks will disappear (and they’ll be happy to see them go)10/28/2016More than half of Americans, surveyed by Blumberg Capital, believe traditional banks will cease to exist within our lifetimes and will be happy to see them go. If predictions prove to be true, you should move your money to credit union! Credit unions are not-for-profit, member-owned financial institutions that exist to serve their members. Unlike banks, credit unions return earnings to their members in the form of lower rates, lower fees, and better saving account rates. Don't just wait for banks to disappear, join a credit union today!