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Most CUs will provide wage increases for at least some of their employees, according to CUNA's just-released Small CU Staff Salary Survey.
St. L Post Dispatch on GAO report:Consumers may not benefit from altering Interchange system;would cut card competition. http://ow.ly/ETyX
CUNA's Hampel: Consumer holiday spending will be up slightly from last year. See Tues NN.
NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts.
Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan.
Dow Jones, USA Today: CUs a friend to those in credit crunch
NEW YORK (8/22/07)--If you need someone to help you get through a financial hardship, or to finance your new home, you might want to turn to your local credit union.
That's the message being reported this week by three media major media outlets. USA Today, Dow Jones and MarketWatch have published articles purporting some of the things credit unions can offer their members, compared to banks and other major lenders.
Bill Hampel, chief economist of the Credit Union National Association, was interviewed for the Dow Jones article, where he commented on the difference between credit union loans and loans from other financial institutions.
Knowing that interest rates on mortgages are continually rising and underwriting standards remain tough, he suggested that consumers looking to finance a home should seek out a credit union. Unlike banks, credit unions' portfolios aren't sold to investors, which make them a more economical option.
"A credit union considering a mortgage loan application doesn't have as many things to worry about as a mortgage banker that has to sell that to a secondary mortgage market," Hampel said in the article.
Borrowers should also expect to obtain a loan more easily at a credit union than from other lenders. Credit unions don't offer subprime loans, which have been known to lead some borrowers into debt, and they rarely grant loans requiring small amounts of documentation. And if borrowers are struggling, credit unions usually notice and can help them before it's too late, Hampel said.
Besides loans, the article also discussed what people should do with the money they've saved for a home before they actually buy it. Some suggestions included certificates of deposit, and USA Today personal finance columnist Sandra Block noted that credit unions offer a similar product, a share certificate. The writer encouraged savers to look into the certificates at their local credit unions to find good rates.
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