Credit Unions in the News

September 2013

Speak with a Bank Teller? There’s a Fee for That09/27/2013Some bank fees, like getting charged at another bank’s ATM, are old news, but some banks are now implementing dozens of new non-standard fees, including one for speaking to a human representative. CNBC’s Kayla Tausche reports.

Members Trust Credit Unions, Not Their Advisors09/26/2013According to the study, credit union members trust their credit union more than any other provider of financial services. More than three in five (61.8%) said they view their credit unions with a great deal of trust, whereas only 27% held that view toward banks and a tiny 4.7% toward full-service stock brokerage firms. Despite this, only 18% ranked their credit union advisors as their most trusted source of financial advice.“There is a wide gap between how credit union members view their credit union and their perception of the financial advice they can get from the credit union,” Tim Kehrer, senior research analyst at Kehrer Saltzman and a co-author of the study, said in a statement.

Credit Unions ‘Destroy’ Banks with Higher CD Rates, Lower Deposit Requirements09/26/2013“The fact is credit unions destroy banks with higher rates and lower deposit requirements,” said Casey Bond, managing editor of “There are definitely better deals on the local level in general, but right now, even community banks can’t keep up with the savings credit unions are providing members.”

FOXBUSINESS- By: Lisa Bertagnoli09/26/2013Millions of consumers have what are called "thin credit files," meaning they have little or no record of using credit. About 25 percent of Americans don't use enough credit to build a FICO score, according to FICO, the San Jose, Calif., company responsible for the gold standard in credit scores.

Credit Unions vs. Big Banks09/23/2013Northwest Credit Union Association CEO Troy Stang on possible impact on credit unions of tax reform talks.

Getting a Loan for a Fall Home Purchase09/19/2013The local housing market generally stays pretty active early in the Fall. Thursday morning, Bill White, mortgage expert and VP of Real Estate Lending from NASA Federal Credit Union, joined us with some ideas for putting our best food forward.

BEFORE IT’S NEWS- By: Scott Martelle09/19/2013In 1934, as U.S. banks were dropping like flies, Congress approved the Federal Credit Union Act that gave federal backing—and nonprofit status—to cooperatives to fill the void left by the collapsing banking system. It was collective action at its fundamental best. Since then, the banking industry has come to rule the world—at least it feels that way—as those federally chartered credit unions continued to use their nonprofit status to offer lower fees and rates in direct competition with for-profit banks.

Loan Growth at Credit Unions Up in Miss., Tenn., Down in Ark.09/18/2013Credit unions in Tennessee and Mississippi are lending more than their counterparts across the country, while Arkansas is lagging, according to the National Credit Union Administration’s quarterly review. During the year ending in the second quarter of 2013, the total amount of loans outstanding at federally insured credit unions grew by 5.5 percent, after growing 3.2 percent during the previous year.

Don’t Make Credit Unions Die for Banks’ Sins09/17/2013Five years ago this week, a collapsing housing bubble plunged America into its worst financial crisis since the Depression. Wall Street's near meltdown midwifed both the tea party and the Occupy movement, and triggered a bitter debate about the big banks that continues to this day. The ongoing controversy over whether we have solved or compounded the "too big to fail" problem may have cost Larry Summers his shot at the Federal Reserve's big chair. But amid all the focus on the handful of U.S. mega-banks, policymakers have paid scant attention to their little cousins – America's credit unions.

How To Pick a Socially Responsible Credit Card09/16/2013The second choice is to use cards issued by smaller, local community banks and credit unions whose overall mission is to invest in their local economies, socially responsible nonprofits and "green" companies. "It can feel like an easy way for us, as consumers, to contribute financially to a nonprofit," explains Larson. The way it works is that every time you make a charge on an affinity card, the participating bank or credit card issuer simply funnels a portion of what they would have earned as a processing fee to the participating charity. Unlike those "Do you want to round up a penny to support The Latest Good Cause?" requests you get at the grocery-store checkout counter, affinity cards pose no extra charge to you, the consumer. The contribution comes from the bank that issued the credit card.

Jim McCormack, President and Pennsylvania Credit Union Association Lifetime Achievement Award09/11/2013Jim McCormack has been involved in the Credit Union industry since 1971 and has been employed at the Pennsylvania Credit Union Association since 1981 and now he is being rewarded for his accomplishments. McCormack, president and CEO of the Pennsylvania Credit Union Association in Susquehanna Twp. was selected to receive one of four 2014 Herb Wegner Lifetime Achievement Awards from the National Credit Union Foundation which will be presented during the 2014 CUNA (Credit Union National Association) Governmental Affairs Conference in February, 2014.

Tax Battle: Banks on Offensive Against Credit Unions09/11/2013"Congress knows the value of credit unions," he said. "We were the only group lending to small businesses during the financial crisis. Our not-for-profit status shows that for us, it's not about stockholders, but about our members. If we lost the exemption, we'd be just like the banks," Berger said. "We don't want to be like them."

Credit Union Tax Exemption- Rep. Bill Pascrell Town Hall Meeting09/11/2013Video clip from a August 27, 2013 Town Hall Meeting with Representative Bill Pascrell (D-NJ) who voices his support of the credit union tax exemption.

GOP Chairman Vows to Lift ‘Yoke of Dodd-Frank’ from Credit Unions09/10/2013House Financial Services Committee Chairman Jeb Hensarling pledged Tuesday to use his gavel to push back against a flurry of Dodd-Frank Act regulations he warned would stifle the nation’s financial sector. Speaking to the National Association of Federal Credit Unions annual conference, Hensarling said the sweeping financial reform bill was responsible for two kinds of regulations: “those that create uncertainty and those that create certain economic harm.”

Supplemental Capital: A Tool for Safety and Soundness09/10/2013This is crucial, because more than 95 million Americans currently use credit unions for their financial services needs. By making credit unions more secure, HR 719 would provide added protection for the consumers who are their members, as well. This is the ultimate goal for us as regulators.

Credit Unions Work for America09/09/2013As Congress returns this week and starts reviewing the tax code, bankers — once again — are challenging the benefits of the credit union federal tax exemption. I believe, however, the American people offer a resounding rebuke to the bankers’ unfounded claims.

Credit Unions Fight Back Against Tax Repeal Efforts09/08/2013At the moment, it’s a war of words, but very soon the debate to tax credit unions will hit the streets. This week, credit union supporters from South Florida and throughout the country will descend on Washington, D.C. to “Hike the Hill” and meet with lawmakers to stress the importance of keeping in place the federal tax exemption for credit unions.

More Mississippi Financial Institutions Stepping into Profit Column09/06/2013For Mississippi’s banks and credit unions, the net income of $271 million marked a second year of increased profits in the second quarter, starting with a rise from $206 million in Q2 2011 to $263 million in the same quarter of 2012.

THE FINANCIAL BRAND(1)09/05/2013During a couple days in late August, banks and credit unions — normally bitter enemies — teamed up in for a marketing campaign to give away over $150,000 in gas to consumers in nearly 40 cities across the country, spanning from Boston, Massachusetts to Portland, Oregon.