9 reasons your friends are joining credit unions07/31/2015There’s
a reason why more and more people continue to join a credit union. CO-OP
Financial Services list the top reasons to join: sense of community, commitment
to financial education, easier to access loans and credit, trusted financial
advice, and superior customer service.
Credit union's do pay taxes and service members' needs07/31/2015Entertainment Industries FCU
president/CEO John C. Gibardi sets the record straight in response to an attack
from the Community Bankers Association of New Jersey regarding credit unions
tax status. Not only do credit unions pay taxes, but they are taxed identically
to one-third of all US banks classified as 'Subchapter S' banks. Ironically,
several members of the bankers association fall into this category, meaning
they are exempt from paying federal corporate income taxes.
Students get hands-on approach to money management07/29/2015Local
students receive a step-by-step explanation on the fundamentals of money
management from Travis Credit Union staff. About 2,000 young adults are put to
the financial test by creating budgets, writing checks, and balancing a
checkbook in a four-hour financial boot camp, known as Mad City Money. This
initiative stems from a similar program launched by CUNA.
Indiana Members Credit Unions volunteers fill 5K backpacks for kids07/25/2015Staff
from Indiana Members Credit Union teamed up to stuff backpacks with school
supplies for local students. The Indiana Members Credit Union Foundation raises
money throughout the year in order to provide funds for this event. This is the
16th year they’ve held this event.
Healthiest credit unions of 201507/24/2015DepositAccounts released its list of the Top 200 healthiest credit
unions in America for 2015. It’s important to know the financial health of the
credit union you belong to in order to invest your money in the right financial
Super shred event at Qualcomm Stadium07/24/2015San
Diego County Credit Union (SDCCC) hosted its Super Shred Event this past
weekend in hopes to break the Guinness World Record for the most paper
collected, a record set by them last year. This year, SDCCU aimed to collect
and shred more than 500,000 pounds of paper.
More than 4,100 vehicles lined up in the shred line at the event, held
at Qualcomm Stadium in San Diego. SDCCU will find out in a few weeks whether or
not they broke the record, again.
Credit union offers state employees payroll assistance loans07/24/2015Great
Lakes Credit Union comes to the rescue of their state employee members by
offering a payroll assistance loan with a special low rate. Illinois has been
embroiled in an on-going a budget approval stalemate that has interrupted
payroll for employees. "We pride ourselves in providing members with loan
solutions, such as our payroll assistance program for state employees, to help
them continue to meet the financial needs of their families," said Vikki
Kaiser, president/CEO of Great Lakes Credit Union.
How to build, or rebuild, credit07/24/2015Looking to establish or improve your
credit? Simply head to your credit union to begin the process. Step one: apply
for a credit card (and once approved); step two: pay your credit card bill on
time which will demonstrate to lenders that you're responsible with money.
Who do we blame in financial dilemmas?07/22/2015Andy Mattingly, FORUM Credit Union, says we only have ourselves to blame for our financial missteps. Mattingly advises consumers to stop impulse buying and the "buy now" and "save later" mentality. He advises us to switch our thinking to "save now, get rich sooner."
So your son wants to buy a car07/21/2015Washington
Post writer Michelle Singletary advises young adults to
consider using credit unions. Singletary, a long time credit union supporter,
advocates for young adults looking to make their first car purchase to head to
a credit union, where they may qualify for a lower rate.
Tropical Financial Credit looks to honor community hero07/21/2015Tropical
Financial Credit is seeking to award a local hero who performs random acts of
kindness in the Southeast Florida community. “Our credit union is made up of
everyday, hard-working people who've pooled their money together to help each
other financially and to help the community," said Rich Helber, CEO and
president of Tropical Financial. The winner will be awarded a cash prize and a
donation will be made to the charity of their choice.
6 perks you can get at a credit unions07/20/2015In addition to the non-profit structure
and co-operative nature of credit unions, members also get to experience
certain perks that bank customers don’t experience. These include: lower
interest rates on car loans, free checking, discounts on other purchases, more
flexible lending, little to no money required to join and more competitive
Banks should worry about serving customers, not attacking credit unions07/17/2015In a
letter to the editor, Michael DuPont, a NJ resident, suggests “banks should
heed their motto and serve their customers first” instead of attacking credit
unions. DuPont expresses his frustration with the many inaccuracies and
one-sided arguments in the Community Banks Association article published in the
Star Ledger on June 30. DuPont emphasizes credit unions are cooperatives and
enumerates the advantages of their nonprofit status and reminds the public that
credit unions weren’t the cause of the 2008 financial crisis.
Revisions would facilitate commercial lending07/17/2015Proposed
changes from NCUA would benefit businesses seeking capital by allowing credit
unions to lend to more, and in larger amounts. "It puts credit unions on par with the
banks which don't have a collateral requirement," said Michael Wishnow,
senior vice president of the Harrisburg-based Pennsylvania Credit Union
Association. "Many credit unions are finding it more and more difficult to
extend credit because they're bumping up against arbitrary caps."Please note, this article is protected
behind a paywall.
La. woman named chair of international credit union board07/15/2015Anne
Cochran, president/CEO of the Louisiana Credit Union League was named the first
chairwoman of WOCCU. Cochran succeeds Grzegorz Bierecki, President/CEO of the
National Association of Co-operative Savings and Credit Unions in Poland. “My passion for the entire credit union
movement knows no bounds,” said Cochran. “I pledge to you to continue to grow
that passion in my new role.”
Setting the record straight on credit unions and taxes07/13/2015John
Fenton, President/CEO of Affinity Federal Credit Union, sets the record
straight about credit unions after a recent attack from the Community Banks
Association. Fenton points out that out-of-state big banks are the root of most
banking difficulties, not credit unions. Credit unions are member-owned, with
no stockholders, passing earnings directly to depositors, saving New Jersey
consumers $3.6 billion over the past eight years. For-profit banks, in
contrast, pass earnings out to stockholders. He points out that credit unions
and community banks would be better served by working together on Wall Street’s
takeover of Main Street’s financial institutions.
Credit unions to offer loans to state workers07/09/2015The Illinois Credit Union League is stepping up in service excellence and has offered to cover state workers' paychecks, during an ongoing budget standoff. The league entered a partnership with state treasurer, Michael Frerichs, in order to provide no interest loans to employees that are credit union members.
Michigan credit union make big deposit for children07/07/2015The Michigan Credit Union League and state
credit unions are recognized for their generous contributions to Children's
Miracle Network Hospitals. The funds were dispersed evenly to various
children's hospitals in the state. Nationally, credit unions are the third
largest supporters for Children's Miracle Network Hospitals.
Another view: credit unions are good for California07/07/2015California Credit Union League President/CEO,
Diana Dykstra, rebuts statements made by the California Bankers Association
over the naming rights to the Sacramento Kings basketball stadium granted to
Golden 1 Credit Union. Dykstra states that credit unions are in the business of
building and investing in communities and cites, as an example, ten credit
unions in the area have granted $7 billion in loans to the local community.
Furthermore, the athletic team and credit union have an outstanding 20-year
The case for credit unions' tax status07/07/2015New Jersey Credit Union League President/CEO,
Greg Michlig, defends the credit union tax exempt status, noting that since
credit unions are member-owned, these institutions are in a position to save
Americans more money by offering better interest rates along with an assortment
of other financial services. In New Jersey alone, these savings are
estimated at $76.3 million. Congress has repeatedly affirmed the credit
union tax status, dating back to 1937.