Credit Unions in the News

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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 institution.  

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 credit cards. 

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 partnership.

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.