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Credit Unions in the News


Most Recent

What is a credit union – and how is it different from a bank?12/16/2016While banks and credit unions may offer the same type of financial products they're worlds apart in their corporate structure. Credit unions are not-for-profit member owned financial institutions. Unlike banks, credit unions can and do return earnings to their members in the form of lower interest rates and minimal fees. While membership to a credit union is a bit more defined, a small charitable donation will get you in the door. To find a credit union to join nearest you check out www.asmarterchoice.org

2016 businessperson of the year: Chuck Purvis, CEO, Coastal Federal Credit Union12/16/2016Coastal Federal Credit Union CEO Chuck Purvis is awarded businessperson of the year by the Triangle Business Journal. Since his appointment in 2012, Coastal FCU has expanded its numbers with up to 230,000 members, increased loans by almost threefold, and even raised its visibility by buying the naming rights to Walnut Creek Amphitheatre. Purvis and team have also been heavily involved in their local community by hosting 106 financial education sessions at schools, nonprofit organizations, and other groups. In addition, Coastal FCU pledged $109,000 to the company's United Way campaign. Please note, credentials are required to access this content. 

Fixing your finances: tips for applying for a loan12/15/2016Members 1st Federal Credit Union President/CEO Bob Marquette offers tips and advice to consumers when applying for a loan. When starting off, make sure the information on your credit score is accurate because that'll decide what type of interest rate you'll get if accepted for the loan. In addition, consult with a loan officer to see where you stand and if need be, how to consolidate your debt. Marquette advises consumers beginning the loan process to “gather your data and make sure its accurate. Register your assets and debts and most off all, have an honest application.” 

Dodd-Frank is crushing America’s credit unions12/13/2016The Dodd-Frank Act is not only hurting America's credit unions, but also the more than 100 million members they serve.  As a result of the Dodd-Frank Act, more excessive regulations are being imposed on credit unions which have resulted in the loss of revenue and increased costs in additional staff, third party expenses, and depreciation of capitalized costs. 

Florida credit unions report higher member growth compared to rest of nation12/13/2016Florida credit unions are having a great year! According to a report from the NCUA, Florida credit unions reported a 1.2% year over year member growth in the third quarter. In addition, assets have increased 6.3% which now ranks Florida credit unions ninth in the nation. 

Credit unions offer members flexibility that sometimes banks can’t match12/13/2016Consumers Credit Union explains the pros and cons of being a member of credit union vs a bank. While both appear similar on the outside, there's a huge difference in how they operate. Credit unions are not-for-profit member owned financial institutions that return earnings back to their members, in the form of lower loan rates and higher saving rates. Banks, on the other hand, are for-profit financial institutions that exist to maximize profits for their shareholders by implementing high fees and interest rates on loans. 

Shodair Children’s Hospital competing for cash prize12/08/2016Children's Miracle Network Hospitals across the country compete for grand prize from America's Credit Unions. Shodair Children's Hospital in Helena, which is one of the contestants, is vying for one of the top five spots which will be awarded up to $100,000 as part of the 'Vote for Miracles' campaign. The general public is encouraged to submit their vote for their favorite CMN Hospital by December 20 at www.voteformiracles.org. This was also covered in NBC 25 News,ABC 12,One News Page, and K FOX TV

United Nations FCU triples mortgage lending growth to win excellence in lending award(1)12/07/2016United Nations FCU Chief Lending Officer Eric Darmanin explains the story behind winning the Excellence in Lending Award, presented by CUNA Lending Council. In 2013, United Nations FCU decided they wanted to grow in lending by launching a loan growth initiative. Several variables went into the initiative which resulted in United Nationals FCU increasing their mortgage lending growth from 6.5% in 2014 to 20% in 2015. Darmanin advised other credit unions looking to get into the mortgage lending practices to "make sure you understand your members and their financial needs" and to "build a business plan that's consistent with that growth." 

United Nations FCU triples mortgage lending growth to win excellence in lending award12/07/2016United Nations FCU Chief Lending Officer Eric Darmanin explains the story behind winning the Excellence in Lending Award, presented by CUNA Lending Council. In 2013, United Nations FCU decided they wanted to grow in lending by launching a loan growth initiative. Several variables went into the initiative which resulted in United Nationals FCU increasing their mortgage lending growth from 6.5% in 2014 to 20% in 2015. Darmanin advised other credit unions looking to get into the mortgage lending practices to "make sure you understand your members and their financial needs" and to "build a business plan that's consistent with that growth."  

Banking as if our future depended on it: There's an alternative to Wall Street's robber baro(1)12/06/2016Salon touts America's credit unions as the best option in the financial services arena. Credit unions are "member-centric and a not-for-profit organization unlike the banks that have stocks so they have to satisfy their stockholders. Credit union members are our stockholders, so we are not driven by the bottom line. We are driven by service to our members," explained Municipal Credit Union President and CEO Kam Wong. 

Banking as if our future depended on it: There's an alternative to Wall Street's robber barons12/06/2016Salon touts America's credit unions as the best option in the financial services arena. Credit unions are "member-centric and a not-for-profit organization unlike the banks that have stocks so they have to satisfy their stockholders. Credit union members are our stockholders, so we are not driven by the bottom line. We are driven by service to our members," explained Municipal Credit Union President and CEO Kam Wong. 

NM credit union ends strong year with a new milestone(1)12/05/2016Sandia Laboratory Federal Credit Unions spreads extra holiday cheer to members in the form of a $10 million special dividend, on top of their dividends already earned. "This year we have been able to build our reserves to a point where we're very comfortable. We get there by members using products, services and by controlling expenses and being good stewards of our members' money" explained Sandia Laboratory FCU Spokeswoman Rachel Justus.

NM credit union ends strong year with a new milestone12/05/2016Sandia Laboratory Federal Credit Unions spreads extra holiday cheer to members in the form of a $10 million special dividend, on top of their dividends already earned. "This year we have been able to build our reserves to a point where we're very comfortable. We get there by members using products, services and by controlling expenses and being good stewards of our members' money" explained Sandia Laboratory FCU Spokeswoman Rachel Justus.

M LIVE by ROBERTO ACOSTA12/04/2016Children's Miracle Network Hospitals across America have a chance to win up to $100,000 in a national online contest. The campaign 'Vote for Miracles' is a three-week contest that runs until December 20 and allows people to vote for their favorite CMN Hospital. The top five hospitals that receive the most votes will receive a monetary prize from credit unions. Simply visit voteformiracles.org to submit your vote! This was also mentioned in the Amarillo Globe News,My High Plains,Swartz Creek View, and WBIW.com

Hurley Children's Hospital seeks votes in $100,000 online contest12/04/2016Children's Miracle Network Hospitals across America have a chance to win up to $100,000 in a national online contest. The campaign 'Vote for Miracles' is a three-week contest that runs until December 20 and allows people to vote for their favorite CMN Hospital. The top five hospitals that receive the most votes will receive a monetary prize from credit unions. Simply visit voteformiracles.org to submit your vote! This was also mentioned in the Amarillo Globe News,My High Plains,Swartz Creek View, and WBIW.com.

Banking on change: this much is certain – a new administration will have new priorities. But what will they be?11/28/2016New Jersey Credit Union League President/CEO David Frankil discusses credit union's appeal to millennials and his concerns with the Dodd-Frank Act. Frankil believes “the more millennials start to look at the structure of their banking relationships, the better credit unions have become.”  On the regulatory side, Frankil is hopeful that the newly elected administration will re-evaluate the 'one size fits all' approach towards the Dodd Frank Act. Credit unions “ought to be treated a little bit differently because the whole ethos of a credit union is fundamentally different” from other financial institutions.

Banks, credit unions hope to teach kids the power of savings11/27/2016Credit unions offer incentives to help younger members acquire proper money management skills. Whatcom Educational Credit Union gives two stackable coin banks to members under the age of 12 to help demonstrate how their money adds up over time. At North Coast Credit Union, staff deposits $5 into the checking or savings accounts of members under the age of 17 if they get a good report card. “We're seeing more and more parents bringing in their children in order to receive financial education,” said North Coast Credit Union Chief Operating Officer Marilyn Brink.

There’s more you can do to support small businesses than shopping local11/25/2016Montana Credit Union Network President/CEO Tracie Kenyon advocates shopping local isn't the only way we can support small businesses; you can also join a credit union! “If small businesses are the pot from which communities feed, credit unions are the fire that keeps them warm,” wrote Kenyon. In the first half of 2016, credit unions loaned $11.4 billion nationally to businesses which helped small businesses and the local economy to thrive.  

Fixing your finances: handling your finances for the holidays11/17/2016Hershey Federal Credit Union Senior Member Support Representative Irene Malena offers financial advice for the holiday season. Malena begins by stating the key to smart holiday spending is to sticking to a budget. In addition, if you have a credit card with a high balance on it, Malena advises you keep that card at home. Malena stresses that the real gift is spending quality time with family and loved ones during the holidays.

GCUA: holiday expenses11/16/2016Georgia Credit Union Affiliates suggests ways to cut costs and save money during the holiday season. If you're looking to spend but don't want to use a credit card, think about taking out a loan from a Christmas Club account at your local credit union. Or take advantage of a rewards card that give you points you can use to purchase merchandise. To be ahead of the curve, set up a savings account for next year's holiday expenses or bargain shop for the best deals - it's never too early to start saving!