Credit Unions in the News

April 2014

Credit Union Roundtable: Executives Continue Battle Over Regulations04/25/2014St. Louis-area credit union CEOs recently shared their concerns and thoughts about industry trends including consolidation, which continued recently with the announcement that Laclede Community Credit Union, with assets of $67 million, agreed to merge into the larger 1st MidAmerica Credit Union, with assets of $509 million. That deal was approved April 8.

List Package: Credit Unions Lobby to Save Tax Exemption04/25/2014Dennis Pierce is CEO ofCommunityAmerica Credit Union and chairman of the board for the Credit Union National Association, which represents 6,000 credit unions nationwide. He talked with the Kansas City Business Journal about legislation being discussed that potentially could change the tax status of credit unions.Tell me the difference between a credit union and a traditional bank.

Money Matters: Explaining Frequently Heard Financial Tips04/24/2014Andy Mattingly from FORUM Credit Union explains some financial tips you hear frequently. 

Mad City Money: Credit Union Brings Financial Simulation to L'Anse Creuse Students04/23/2014Playing the part of a married stockbroker who recently landed a job, L'Anse Creuse senior Chris Platte discovered he had $4,280 in combined daily expenses and monthly bills to pay. "I'm learning it's so much more money than you think," Platte said Monday during a real-world simulation on budgeting held in the L'Anse Creuse High School cafeteria in Harrison Township.

Syracuse Credit Union Members Benefit from Financial Literacy Programs04/22/2014While you might be interested in learning more about financial literacy programs for your child, it's possible you don't know exactly where to look. Through our survey of local programs, we've found the best financial literacy initiatives offered by credit unions in Syracuse. The following financial literacy programs will help you and your family take the next steps in your personal financial education.

Credit Unions Get Unrelated Business Income Tax (UBIT) Relief from the IRS (Internal Revenue Service)04/22/2014On March 24, 2014, the Internal Revenue Service (IRS) has finally changed course and instructed its examiners that the unrelated business income tax (UBIT) will not be applied to key, revenue generating products sold by credit unions to their members. IRS examiners have now been instructed that when examining original or amended Forms 990-T or claims for refunds by state-chartered credit unions, income from credit life and disability insurance, as well as guaranteed auto protection (GAP) insurance that is sold to members should not be treated subject to UBIT. The IRS also clarified that if the credit union has a royalty arrangement, the examiners should not treat other insurance products sold to members, such as accidental death and dismemberment insurance, subject to UBIT.

Why Should Most People Have a Budget04/17/2014A recent study by the Federal Reserve shows that non-housing household's debt has risen 3.3 percent in the last quarter of 2013. Much of it can be attributed to the fact that two-thirds of US households don't have a spending plan. Andy Mattingly with FORUM Credit Union joins FOX59 to talk about why we need a budget. 

Linda McFadden Talks Student Loans04/16/2014

Georgia Credit Unions Saved Members $124 Million in 201304/15/2014"Credit unions are literally structured to serve members…there are no stockholders," said Mike Mercer, president and CEO of GCUA. "Buying a car to get back and forth to work, taking the kids on vacation once in awhile, putting a down payment on a house, saving for retirement - these are the things people look to their credit unions to help them with. Credit unions' only purpose is to deliver value to their members, and they do it in all kinds of ways."

Banner Year for NYS credit unions04/14/2014Credit unions in New York state outperformed their national peers in several major categories in 2013, according to the Credit Union Association of New York's newly released annual statewide credit union profile.

Regulatory Issues Are Top Concern for Credit Unions04/11/2014Ashley Harris, vice president of corporate communications for Generations Federal Credit Union - No. 5 on the Business Journal's list of credit unions - is the board president of the Alamo Chapter of Credit Unions. That organization represents 34 credit unions across the South Texas region. She spoke with theSan Antonio Business Journal recently about some of the issues impacting credit unions today.

Proving the Value of Credit Union Membership04/11/2014"Price is the biggest advantage credit unions tend to have over their bank competitors," Rizzo says. "Our mission with Member Value Statements was to figure out how to exploit the price advantage, then use it to reinforce consumers' belief that credit unions offer a superior banking experience."

Learn How to Manage Personal Finances04/09/2014As part of our ongoing legislative priorities for the 2014 Legislative Session, the Florida Credit Union Association (FCUA) is proud to actively participate and promote Financial Literacy Month this April. The FCUA believes that learning how to manage personal finances and become financially solvent in a sustainable, responsible manner should be part of our youth's education and the transition to becoming independent adults.

List Leaders: A Look at Portland's 5 Largest Credit Unions04/09/2014The state's largest credit unions, ranked by deposits, solidified their positions from last year.The list is led by OnPoint Community Credit Union which has about the same deposits and membership as the next three biggest combined.

Interactive Bank Teller Help Rural Banks Expand Service04/08/2014"These interactive tellers are perfect for rural communities and less populated areas," said Patrick Jury, chief executive officer of the Iowa Credit Union League. James Johnson said the bank's call-center tellers have handled 56.5% more transactions than those in the traditional lobby and drive-through windows since it installed its first four interactive terminals in November. That's partly because the tellers working them spend less time waiting for customers. One teller can staff up to three machines depending on the time of day.

Try Multiple Accounts to Stick to Savings Goals04/08/2014My parents' compartments controlled their spending. You can do something similar to ramp up your savings. I got this idea from Summit Credit Union in Sun Prairie, Wis., which runs an annual "Project Money" competition to see how much members can pay down their debts and ratchet up their savings. During the seven months of the competition, Stacey and Brandon Steinmetz worked with Summit Credit Union financial coach Chris Bethke to learn new ways of managing their finances. One of those strategies was compartmentalizing, just like my parents did all those years ago.

Credit Union to Match Fund Donations up to $5,00004/07/2014For the seventh year in a row, Madison County Federal Credit Union will match all combined donations to its Blue Ribbon Child Abuse Fund up to $5,000. The fund, benefiting local organizations, is dedicated to fighting and preventing child abuse locally. "Children under the age of 5 are most at risk of abuse and neglect," David Dodd, CEO of the credit union, said in a press release. "As a local business, we can do something about it. That's what our Blue Ribbon Fund is all about."

Credit Unions Keeping Up with Banks for Mobile Banking Services04/04/2014The majority of the largest U.S. credit unions are staying competitive with big banks in the mobile banking arena, according to a new survey by First, the personal finance site asked 1,500 respondents across the country which mobile banking features were the most important to them to determine the services that Americans couldn't do without for their everyday mobile banking use.

Credit Unions United to Give Teens a Bite of Reality04/04/2014To celebrate Financial Literacy month, the Southern Nevada Chapter of the Nevada Credit Union League presented its first Bite of Reality event on Saturday, March 29 at 10am at Clark County Credit Union located at 9311 W. Sunset Road. This was a free event to students and was by 41 kids between the ages of 10 and 18 years old.

The List: Credit Unions Use New Media in Age-Old Conflict with Banks04/04/2014The credit union industry is wielding a new weapon in its never-ending battle with banks over taxation: social media. When two bills emerged in Salem last year targeting them for taxation, and separate efforts arose at the federal level, credit unions enlisted their members to communicate directly to lawmakers through a targeted social media campaign using Twitter and Facebook.

San Antonio Credit Unions Exceed Expectations with Mobile Banking Apps04/02/2014A new GOBankingRates poll asked consumers to share the mobile banking feature they use most often, finding that mobile banking users primarily check their account balances (36 percent), use ATM and branch locators (19 percent), and complete money transfers (14 percent). Less used were account activity alerts (10 percent) and remote check deposit (a little less than 10 percent).