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Australian CUs have experienced strong growth in retail deposits at the expense of their regional banking rivals. http://ow.ly/goIE
Yakima Valley CUs have benefited from larger banks troubles as membership, deposit growth, and overall presence expand. http://ow.ly/goHD
Florida Central CU names CUNA board member Laida Garcia as president, CEO. Garcia succeeds the late Ed Gallagly. See http://ow.ly/gnw7
WesCorp detailed cost-saving initiatives-- including roughly 90 layoffs--that aim to roll back expenses to 2003 levels. See July 6 NN.
Wash. State CUs have seen a 313% mortgage loan increase over the last 10 years, with lower car loan, savings deposit increases. See Mon. NN.
Consumer
Headlines
- Homeowner tips: Control pests, clutter, energy costs
- New student-loan refinancing program begins today
- Scammers find lucrative business from funerals, foreclosures
- Homebuyer tax credits, charity scams, travel packages
Homeowner tips: Control pests, clutter, energy costs
WASHINGTON (7/2/09)--This Sunday's H&FF Radio show is all about home improvement--from hiring pest control professionals and home improvement contractors, to getting a home inspection and slashing home energy consumption.
Home & Family Finance airs Sundays at 3 p.m. EDT on the Radio America Network. The show also is carried on American Forces Radio Network. The one-hour program devoted to consumer finance issues is brought to you by America's credit unions and their 90 million members, and is presented by CO-OP Network.
The Credit Union National Association (CUNA) and Radio America are podcasting Home & Family Finance through iTunes, Podcast Alley, Odeo, and other popular podcast library sites, as well as on Radio America and CUNA's websites.
Sunday's show, which you also can hear later via the Internet, features Paul Berry, Washington, D.C., journalist and broadcaster, discussing these topics with special guests:
- "Going Buggy? Hire a Pest Control Firm," with Greg Baumann, senior scientist and technical director, National Pest Management Association, Fairfax, Va.;
- "Get Your Home Inspected," with Nick Gromicko, founder and director of public relations, International Association of Certified Home Inspectors, Boulder, Colo.;
- "How to Hire a Home Improvement Contractor," with Renee Rewiski, president, National Association of the Remodeling Industry, Des Plaines, Ill.;
- "De-clutter and Organize Your Home," with Marcia Weuve, owner, Impact Solutionz: The Organizing Specialists, Austin, Texas; and
- "How to Zap Your Home Electricity Expense: Listener's Best Money Management Tip," with Susan Tiffany, director of personal finance information for adults, CUNA, Madison, Wis.
Home & Family Finance is a resource center for personal finance information at CUNA. The radio show is sponsored by CO-OP Network, the national credit union ATM network; Cabot Creamery Cooperative, maker of award-winning cheddar; Western Corporate FCU (WesCorp) and its member credit unions; and the Defense Credit Union Council and member credit unions, serving those who serve our country worldwide.
For more information, read "Find a Reliable Pest Contractor" and "August Challenge: Zap Home Electricity Expenses" in Home & Family Finance Resource Center.
New student-loan refinancing program begins today
NEW YORK (7/1/09)--There's good news on the student loan front, but the new income-based repayment option isn't the be-all-end-all for all college graduates (CNNMoney.com June 24).
To qualify for the Income-Based Repayment Program (IBRP), you must have a Stafford, Graduate PLUS, or consolidation loan with either the Direct Loan or Federal Family Education Loan (FFEL) programs. Students who carry private student loans or loans taken out by parents to help fund their child's education through the FFEL or Direct Loan parent PLUS Loan programs don't qualify. Also, your total debt must exceed 1.5 times gross income.
If you qualify, your required monthly payment is based on your income during any period when you have a partial financial hardship, and the amount may be adjusted annually (Credit.com March 20). If you meet other requirements, you may qualify for cancellation of any outstanding balance.
There are pitfalls. If you have a high debt-to-income ratio, your balance will increase significantly throughout the life of the loan, and when the term ends, it's likely the high amount forgiven will be taxable income. And if you already defaulted on loans and incurred fees and interest that inflate the loan to more than the original amount borrowed, the new repayment program won't help; the tax penalty alone may exceed the amount originally borrowed.
To determine whether you're eligible for the new repayment option, visit finaid.org/calculators/ibr.phtml. To learn how the IBR program works, visit IBRinfo.org.
For more information, read "Tough Times Series: Getting Student Loans During the Credit Crunch" in Home & Family Finance Resource Center.
Scammers find lucrative business from funerals, foreclosures
NEW YORK (6/29/09)--While you're pinching pennies during the recession, scammers keep finding innovative ways to pick your pocket.
The foreclosure mess is turning into a lucrative business for crooks who promise to "help people" avoid foreclosure--for a price (nytimes.com June 21). While there are many legitimate nonprofit agencies providing free, confidential help to borrowers, con artists convince desperate homeowners who are behind on their payments to fork over $1,500, $3,000, or even up to $8,000 in fees for services that typically are free.
Before you seek help, ask the credit union for advice or for referrals to legitimate counselors. Also, visit www.findaforeclosurecounselor.org, which allows you to enter your zip code to access information about local agencies affiliated with the federal government's National Foreclosure Mitigation Counseling (NFMC) Program, a collaboration with NeighborWorks America.
Be on the lookout for yet another scam source that's less well-known: online guest books for deceased individuals. This is a site where family and friends can share stories about the deceased, leave messages of support for each other, and upload pictures. But Consumer Reports (June 15) warns that scammers have easy access to the e-mail addresses some visitors post on the guest book site. Crooks then send phony messages, stating that a long-deceased relative owes them money that will be released as soon as fees are paid to an overseas bank account. In some cases, the letter writers claim to be officials of foreign governments. Many people have been fooled--even when they aren't distracted by grief.
Avoid becoming a victim of online guest books:
- Refuse to respond to anyone or any company that requests an advance payment of fees.
- Add the e-mail address of the sender to your "block address" list.
- Notify your local or state consumer protection office of the scam so they can pass the information on to authorities and warn others.
- If you receive a check, take it to your credit union to verify authenticity before you cash it. If you deposit it, you may be liable for repaying any funds you withdraw against it.
For more information, listen to "How to Prevent Foreclosure" in Home & Family Finance Resource Center.
Homebuyer tax credits, charity scams, travel packages
WASHINGTON (6/26/09)--Guests on Sunday's H&FF Radio offer expert advice about taking advantage of the first-time homebuyer tax credit, steering clear of charity scams, and avoiding travel packages with one too many surprises. And one guest explains how the bar code has transformed consumers' shopping experience.
Home & Family Finance airs Sundays at 3 p.m. EDT on the Radio America Network. The show also is carried on American Forces Radio Network. The one-hour program devoted to consumer finance issues is brought to you by America's credit unions and their 90 million members, and is presented by CO-OP Network.
The Credit Union National Association (CUNA) and Radio America are podcasting Home & Family Finance through iTunes, Podcast Alley, Odeo, and other popular podcast library sites, as well as on Radio America and CUNA's websites.
Sunday's show, which you also can hear later via the Internet, features Paul Berry, Washington, D.C., journalist and broadcaster, discussing these topics with special guests:
- "Happy Birthday, Bar Code," with Tod Marks, senior project editor, Consumers Union, Yonkers, NY;
- "First-Time Homebuyers Tax Credit," with Jerry Howard, president/CEO, National Association of Home Builders, Washington, D.C.;
- "Operation False Charity," with Dave Horn, attorney, Federal Trade Commission Northwest Regional Office, Seattle, Wash.; and
- "Surprise Travel Packages: Are Bundled Vacation Deals a Bargain?" with Sue Perry, deputy editor, Shop Smart, New York.
Home & Family Finance is a resource center for personal finance information at CUNA. The radio show is sponsored by CO-OP Network, the national credit union ATM network; Cabot Creamery Cooperative, maker of award-winning cheddar; Western Corporate FCU (WesCorp) and its member credit unions; and the Defense Credit Union Council and member credit unions, serving those who serve the country worldwide. For more information, listen to "Travel Fraud: Vacation Certificates & Vacation Clubs" in Plan It: Retire Ready Toolkit.
Copyright © 2009 - Credit Union National Association, Inc.
