Credit Unions in the News

October 2013

THE BUFFALO NEWS- By: William J. Mellin10/31/2013These are the people credit unions serve every day, and that's why the work they do is so important. But today, as Congress rewrites the tax code, that very important work could be in danger. 

Credit Unions Collecting Food through December 3110/31/2013To help area families who struggle to have enough to eat while still meeting their other basic needs, Madison Area Chapter of Credit Unions will accept cash or check donations during the sixth annual End Hunger at a Credit Union.This event, which is part of the 18th annual NBC 15 Share Your Holidays campaign, runs through Dec. 31 at participating credit union locations. Donations can be made in any amount through lobby or drive-up service. Select locations also offer online donations. Each $1 donated can provide 3 meals. Checks should be made payable to Second Harvest Foodbank of Southern Wisconsin.

GLOBEST.COM- By: Erika Morphy10/31/2013Last week we spoke with Andy Stafford, director of commercial real estate at the NASA Federal Credit Union. He told us that for the past three years, its commercial real estate lending portfolio has increased each year. In 2012 it saw a 23% increase in its portfolio; the year before that it was 16%. This year, he predicted, commercial real estate lending by the NASA Federal Credit Union will likely rise between 30% and 35%.

THE HEARTLAND INSTITUTE- By: Matthew Glans10/30/2013While banks have waffled about whether to lend to small businesses clamoring for credit, credit unions have taken up much of the slack, making the loans others will not. Ending the tax exemption would create double taxation and cut off credit to people who need it the most.

THE FINANCIAL BRAND10/29/2013The Financial Brand assembled this gallery of 10 frightfully fun, freaky and fang-tastic Halloween promotions from credit unions.

NERDWALLET- By: NICO10/29/2013Judging from the messages we receive here at NerdWallet, it is clear that many teens and young adults have quite a bit of trouble finding a student checking account, let alone opening one. Whether due to a lack of knowledge, interest or funds (or combination of the three), many students enter college without any previous experience with a checking account. Soon enough though, the daily expenses involved with living on their own for the first time impress upon them the need for an easily accessible account to store their money.

WUFTNEWS- By: Belinda Post10/28/2013Stewart Thomas has banked at Sunstate Credit Union in Gainesville for 25 years."They're community based. All the money deposited in the banks is used for loans inside the community," said Thomas. Right now, his account earns more interest there than it would at a bank. That's partially because of credit unions' tax-free status.

Statewide Auto Loan Program Fuels Credit Unions Growth10/25/2013Area credit unions have been cashing in through the member-owned Credit Union Direct Connect auto loan program as consumer car-buying picks up. Premier Members Credit Union in Boulder grew 35 percent in membership in 2012, largely because of an uptick in lending through the statewide auto loan program Credit Union Direct Connect, said Carlos Pacheco, chief executive of the credit union. 

Understanding What Credit Unions Are All About10/23/2013If you are ready to take your financial business to a new institution and you are ready to leave your current bank behind, look to what credit unions have to offer you. These financial organizations are designed in a different manner than their counterparts and often a reasonable alternative for those looking for a new type of experience.

BUFFALO BUSINESS FIRST- By: Allissa Kline10/22/2013Two women who work at local credit unions are among four dozen credit union professionals around the country being recognized this month in an industry magazine. Credit Union Magazine has included Cara Carlevatti, member development coordinator for Great Erie Federal Credit Union in Orchard Park, and Emma Smalley, financial counselor for Boulevard Federal Credit Union in Amherst, in its list of 48 "Rock Stars" in the credit union profession. The women were nominated by their colleagues and selected based on their desire to bring new ideas to the profession and support the credit union mission, the magazine said.

GOBANKINGRATES.COM- By: Casey Bond10/21/2013It's become common knowledge that local financial institutions - community banks and credit unions - are beneficial to the neighborhoods they serve. But why are they so important to our communities?We can quickly point to their competitive interest rates or local decision-making power, but one of the biggest reasons local banks and credit unions are so great often goes unrecognized: Their deep commitment to community service, especially in the areas of education and financial literacy.

Credit Unions' Success Draws Attention10/15/2013Sioux Empire Federal Credit Union calls it Black Saturday - doorbuster rates at 0.75 percent for new or used vehicle loans. But as membership, assets grow, banks want to level playing field.

Local Credit Unions Offer Interest-Free Loans to Furloughed Government Employees10/15/2013Federal government employees that have been furloughed in Southern Nevada due to the ongoing government shutdown are being offered short-term, interest-free loans by several credit unions.

Georgia's Credit Unions Helping Customers During Govt. Shutdown10/15/2013Credit Unions in Georgia are finding ways to assist their customers who are struggling due to the partial government shutdown.

Capitol Hill Workers Are Starting to Freak Out About Not Getting Paid10/10/2013There is some help, at least for the members of the Congressional Federal Credit Union. They’ve been deferring loan payments, upping credit limits and a special program has been established for their members, offering a 90-day zero percent interest loan for furloughed employees. Staff at the Credit Union said they’ve been fielding tearful calls from people fretting about their finances.

Halved Paychecks Force the Furloughed to Slash Expenses and Take Loans, Second Jobs10/10/2013“A lot of our members have been asking to skip a payment,” said Pamela Hout, chief executive of the Census Federal Credit Union. Her staff has been working a few hours a week at the nearly deserted Census Bureau headquarters in Prince George’s County to meet the demand. “We’ve been accommodating them; all they have to do is show us their [furlough] letter.”

Juggling Your Bills When Your Paycheck Goes on Furlough10/10/2013Shawnee Swinton is a New York-based civil rights investigator with the U.S. Department of Health and Human Services, and she's furloughed. "Just like every other American, I am a borrower. I have creditors." She called Municipal Credit Union Tuesday to ask what, if anything, it could do to help her stay current on her loan. "I was assured by a supervisor that they would be willing to work with federal employees that were furloughed," she said.

Credit Unions Continue to Make Business Loan Gains10/09/2013A recent analysis by Biz2Credit Small Business Lending Index points to national credit union member business loan (MBL) growth up 45.3% in August, proving that credit unions continue to be a necessary resource for business owners. Individually, state credit union leagues, such as the Credit Union Association of New York report that credit unions within its service area grew business loans 14.4% during second quarter alone; an increase that contributed $9.1 billion in total loan originations, up 7.7% compared to the same time last year.

Credit Unions Stepping Up to Help Federal Workers Without Paychecks10/08/2013As the government shutdown continues, credit unions whose members are federal workers offering low-rate loans and other assistance. Here is just a sampling, but check out your credit union if you need money to tie you over while your paycheck is delayed because of politics: The National Institutes of Health FCU for instance is offering a 0% introductory rate for the first 60 days on a line of credit of up to $10,000. The rate goes up for the next 12 months, from 1.99% to 4.99 percent. Similar terms are available for a loan.

MONEY TALKS NEWS- By: Stacy Johnson10/08/2013This week’s question nudges me in a direction I’ve gone many times, albeit not recently: Are credit unions a good place for a loan? I have very good credit and am planning on buying a vehicle and was told that credit unions offer a cheaper interest rate. How dependable are they? – Gwen Marie

MSN MONEY- By: Stacy Johnson10/08/2013This week's reader question nudges me in a direction I've gone many times, albeit not recently: Are credit unions a good place for a loan? I have very good credit and am planning on buying a vehicle and was told that credit unions offer a cheaper interest rate. How dependable are they? -- Gwen Marie

Three Iowa Credit Unions Aid Those Idled by Shutdown10/04/2013At least 30 credit unions around the nation, including three in Iowa, have put in place plans to assist furloughed government workers with programs that include loan waivers and interest-free loans, the Credit Union National Association said.

POLITIX- By: R.J. Lehmann10/03/2013We've said it before: if we've learned anything from the financial crisis and its aftermath, it should be that our priority shouldn't be to try to make credit unions more like banks - it should be to make banks more like credit unions.

WDRB NEWS- By: Stephan Johnson10/03/2013The government shutdown has stopped the cash flow for thousands of people across Kentuckiana. As a result, some banks and credit unions are coming to the rescue of government employees affected by the shutdown.

Which Credit Card Should You Get for Your College Student10/02/2013She says that secured cards issued by credit unions are most likely to be fee-free. One that she recommends is the Visa Platinum Secured card from the Digital Federal Credit Union. It has no fee, and you borrow against the money in your DCU savings account. If you don't qualify for membership at the credit union by virtue of a family or employer connection, you can join by becoming a dues-paying member of one of the credit union's nonprofit partners. The cost of membership should still be lower than what you'd pay in annual credit card fees at many banks.