Foundation, credit union team up for new police dog02/21/2017Abilene Teachers Federal Credit Union helps funds newest canine officer at local police station. “It is an honor to support them with a four-legged partner to further their goal of serving those whom they protect,” said Abilene Teachers FCU CEO/President James Boyd.
Repeal the Durbin amendment02/19/2017Missouri Credit Union President/CEO Hal James says the Durbin Amendment is nothing more than a “merchant markup” that's allowed big-box retailers to pad their bottom lines while credit unions and their members pay the price. James advocates for Congress to repeal the Durbin Amendment in 2017.
Credit union CEO happy to help members, employees02/19/2017Oklahoma Employees Credit Union President/CEO Mark Kelly discusses financial impacts as a result of the Dodd-Frank Act. "The regs have tied our hands and hurt our relationships with borrowers" commented Kelly.
Behind the list with Sue Rodriquez of Baker Federal Credit Union02/13/2017Baker Federal Credit Union CEO Sue Rodriquez goes 'behind the list' to discuss the benefits and services credit unions provide to their members. According to Rodriquez, “the biggest advantage to being a member of a credit union is that all decisions are made locally.” Just being a member of a credit union makes you a shareholder of the organization.
Credit unions are about serving consumers, small business not market share02/10/2017Cooperative Credit Union Association President/CEO Paul Gentile responds to Massachusetts Bankers Associations President Dan Forte's attack on credit unions 'unchecked' growth. Gentile points out that while Massachusetts credit unions do an outstanding job assisting consumers and small businesses, they only represent 7% of the depository base in the state. “Is 7% 'unchecked' growth as Forte claims? It certainly is if the bankers want a 100% monopoly on the marketplace,” said Gentile.
Repeal of harmful price controls necessary02/10/2017Michigan Credit Union League President/CEO Dave Adams asserts that Congress must act now to repeal the Durbin Amendment. Under the amendment, big merchants have pocketed an estimated $42 billion for themselves instead of passing along savings to consumers. In addition, credit unions have lost more than $1 billion since the Durbin Amendment went into effect.
Repeal Durbin Amendment and put consumers over profits01/31/2017Indiana Credit Union League President John McKenzie advocates for Congress to take action on the failed Durbin amendment. Under the Durbin amendment, Congress placed price controls on the costs merchants pay to accept and authorize debt card transactions, known as interchange fees. Unfortunately, merchants have pocketed $6-8 billion annually for the past six years instead of, passing along any savings to consumers.
Minnesota woman wins 'Wincentive' no risk, high reward lottery01/31/2017Local Minnesota Laura Helmbrecht wins monetary prize in Wincentive program. After making a minimal deposit of $25 a month into her savings account, Helmbrecht was picked in a random lottery drawing. Helmbrecht plans to use the extra earned cash for travel and invest back into her savings account. MN Rep. Jennifer Loon described the Wincentive program as "a great example in teaching people about financial literacy and getting them to sweeten the pot."
Small banks, credit unions struggling with overregulation01/29/2017Nebraska Credit Union League President/CEO J. Scott Sullivan partners with Nebraska Independent Community Bankers President Kurt Yost on regulatory relief op-ed. “For many years, but most especially over the last decade, Nebraska's credit unions and community banks have been bombarded by an onslaught of rules and regulations originating from Washington, D.C.,” wrote Sullivan and Yost.
LETTER: Credit unions need more support(1)01/21/2017New Jersey Credit Union League President/CEO David Frankil calls bankers lawsuit against The NCUA's new field of membership rules 'meritless' and denies millions of Americans effective access to credit unions.
LETTER: Credit unions need more support01/21/2017New Jersey Credit Union League President/CEO David Frankil calls the bankers lawsuit against The National Credit Union Administration's new field of membership rule 'meritless.' Under the new rules, the NCUA allows credit unions to do what they do best - help groups of people to pool their savings to provide each other safe and affordable credit. Unfortunately, the bankers lawsuit is trying to prevent these rules from going into effect, which will deny millions of Americans effective access to credit unions.
What reforms NM credit union industry leader wants to see in 201701/17/2017Credit Union Association of New Mexico President and CEO Paul Stull reports that state credit unions spent nearly $8 million in additional costs in order to comply with federal regulations in 2016. "Credit unions face regulations from the NCUA [National Credit Union Administration], from the state of New Mexico, from the Consumer Financial Protection Bureau and a number of other agencies," Stull said. "It means credit unions are not able to offer better rates on auto loans or deposits. It impacts fees, and it impacts service."
Banks efforts against credit unions a money grab (Guest viewpoint)01/12/2017Cooperative Credit Union Association President/CEO Paul Gentile sets the record straight on The National Credit Union Administration's new field of membership rules, in response to attack from bankers. "Massachusetts credit unions provided $304 million in direct financial benefits to the Commonwealth's 2.8 million members in the form of better rates and lower fees compared to other financial providers" explained Gentile. By prohibiting the news rules adopted by The NCUA, which the banks aim for, it would deny millions of Americans effective access to credit unions.
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.