MADISON, Wis. (8/19/13)--The Credit Union National Association and credit union difference were in the limelight nationally on several fronts last week, featured in 13 news stories in prominent national media such as The Wall Street Journal, Fox Business, U.S. News & World Report, Automotive News and the Chicago Tribune.
The articles addressed a range of topics, from credit unions' tax-exempt status, regulatory burden, interchange rule deadlines and nonpublic business entities, to creating a budget, customer satisfaction, auto loans, credit building and stock market activity.
"The stock market will recover from its concerns about the Fed tapering," CUNA Chief Economist Bill Hampel told The Washington Post (Aug. 15), referring to Thursday's dip in the stock market and the anticipated winding down of the Federal Reserve's quantitative easing plan of buying back bond assets. "In the long term, the stronger the economy, the better it is for everyone, including the stock market."
CUNA Deputy General Counsel Mary Dunn was featured in a question and answer article about compliance with regulations in The Wall Street Journal (Aug. 15). (See related News Now article, CUNA's Dunn Provides Compliance Tips in WSJ Interview.)
In FoxBusiness' (Aug. 16) "4 Tips to Get Your Spending Under Control," Paul Gentile, CUNA's executive vice president of strategic communications and engagement, recommended that consumers, when creating a budget, calculate current income and spending levels, and decide how much they can afford to spend frivolously while still meeting their debt obligations and putting away savings. "Consider making a list of the things that you really need as opposed to the things you really want," he advised.
He was also featured discussing in The Chicago Tribune's "Banks vs. Credit Unions: You Make the Call" (Aug. 13) how credit unions consistently beats banks in overall customer satisfaction.
CUNA President/CEO Bill Cheney in The Hill (Aug. 14) noted the aggressive deadline the Fed faces in regulating interchange and its impact on credit unions. Its fast turnaround "will eliminate any uncertainty about the future--but will also potentially mean an impact on credit unions sooner than later. It is a serious issue for credit unions and we are exploring a variety of options to ensure credit unions' interests are protected in any changes to the debit interchange regulation," he said.
Nearly one-third of people in the U.S. belong to a credit union, with many of those memberships starting with an auto loan, said Mike Schenk, CUNA's vice president of economics and statistics, in the Automotive News (Aug. 14) article, "What's the Credit Union Difference? Low Rates." On average, credit unions not only offer lower interest rates on auto loans than banks, but they also beat the captives' rates, he said.
To view the articles, use the links. Credit unions were also featured in U.S. News and World Report Aug. 16, Las Vegas Review Journal Aug. 12, Phoenix Business Journal Aug. 16, Moneyrates.com Aug. 15, NerdWallet Aug. 15, The Missouri Times Aug. 14 and The Southern Aug. 13.
Raising awareness about the value of credit unions to their members and communities is part of the Unite for Good campaign of CUNA, the state leagues and credit unions. The campaign strives toward a strategic vision where Americans choose credit unions as their best financial partner.