Credit Unions in the News

November 2013

How To Make Your Money Matter on Small Business Saturday11/30/2013It's no secret to Oakland residents that this is a community that cares. Locals regularly demonstrate a social consciousness with how and where their money is spent, and on Small Business Saturday many Oakland consumers will be found at local shops instead of corporate retailers - but in the midst of the "think local" rhetoric is the often overlooked opportunity to bank locally through community-supported credit unions.

Banks vs. Credit Unions11/29/2013It's not often that you get a banker and a credit union officer in a room to discuss the similarities and differences between them.That's because there's no love lost between banks and credit unions. Banks argue that credit unions have an unfair advantage because they don't pay income taxes, and credit unions portray banks as big, lobbying machines that try to stifle competition.

Credit Unions Fighting to Protect Tax-Exempt Status11/27/2013With tax reform on the Congressional agenda, an old idea has been floated once again to cut the federal income tax exemption afforded to credit unions.The discussion has struck a chord with credit union associations across the country whose members are certain of where the threat originated."There is only one group out there advocating to tax credit unions, and that's the banks," said Jeremy Empol, vice president of federal government affairs for the California Credit Union League, which counts 421 member credit unions in California and Nevada.

Kansas Credit Unions Seek Volunteers Who Want to Destroy Their Debt11/26/2013Wichita-area credit unions are working with the Kansas Credit Union Association on a consumer financial literacy campaign to help people eradicate debt.The campaign, called Money Possible: Destroy Debt, is seeking Wichita credit union members willing to share their story as they receive weekly counseling fromConsumer Credit Counseling Service on destroying their household debt, according to the blog. Their stories will be shared on social media, the blog and KAKE-TV, showing debt management is not an impossible mission.

Local Credit Unions Earn National Recognition11/22/2013Lenexa-based CommunityAmerica Credit Union earned second-place awards in both the youth and adult categories of the Desjardins Award for institutions with more than $500 million in assets. The Desjardins Award honors credit unions for having a commitment to both youth and adult financial literacy.

It's Banks That Are Spinning Fairy Tales, Not Credit Unions11/22/2013Whitehurst ignores the fact that, unlike banks, credit unions are not-for-profit cooperatives, owned by their members and managed by volunteer boards. Most credit unions are based in and directly benefit the community they serve. They have no stockholders demanding market rate return on their investment. Earnings are passed along to member-owners - rather than outside ...

Credit Unions is the Way to Go11/22/2013For the moment, my concentration is on the good workings of the steadily-growing Credit Union industry of the country. In very simple terms, a Credit Union is a democratic financial Institution that is tax-exempt for its co-operative nature. It can be said to be a financial institution like all commercial and rural banks, insurance and the like.

Credit Unions Eye Up Mortgage Market11/19/2013So far only four out of the 380 credit unions in the UK have lending permissions but this could be set to increase due to the lull in their preferred unsecured lending market.Mark Lyonette, chief executive of the Association of British Credit Unions, said: "Unsecured lending has dipped so credit unions have to be careful they don't end up with too much liquidity.

Debate Continues Over Credit Union Exemption11/15/2013The long-standing debate over whether credit unions should continue to receive multi-billion-dollar income tax exemptions - while banks don't get the same break - is rising again, this time in connection to recent efforts by lawmakers to reform federal tax laws.

Mad City Money Simulation Teaches High School Students How to Live on a Budget11/13/2013Robert C Byrd High School business students got the chance to learn about living on a budget on Wednesday.Each student in Dr. Geraldine Beckett's business and marketing essentials class was handed a packet that showed them their future."They've been assigned an occupation and a salary and a life situation, whether or not they have children or a spouse, maybe an elderly parent they're taking care of. They get put into an adult situation with an adult salary and an adult occupation," explained Beckett.

Paying it Forward: Credit Union Creates Ripples in Community11/12/2013How much happiness can $73 buy? How much good can be done on the fly, with little time to plan and only a few hours to implement? The staff of Montana Federal Credit Union spent Monday afternoon doing their best to find out.Veterans Day is usually a day off for the financial industry, but instead of spending it at home, employees at Montana Federal Credit Union were asked to participate in a daylong seminar on leadership and community building.

New Program to Help Credit Unions Build on Position As Best Option For Small Business11/07/2013A new pilot project could soon help credit unionswiden their lead over banks when it comes to serving small- and medium-sized businesses in Canada. The OnePlace For BusinessTM program was designed to help small business owners save time and effort while getting helpful advice about essential insurance products and financial services. Synergy Credit Union, providing 11 branches in northwest Saskatchewan, recently partnered with The CUMIS Group Limited (CUMIS) to launch the first pilot of the program, which will help entrepreneurs protect themselves, their business, employees and loved ones with comprehensive, affordable solutions.

Down With the Down Payments11/07/2013Credit unions have joined the trend. In August, North Carolina's State Employees' Credit Union, whose members are current and retired state employees and their families, lowered down payment requirements from 20% to 10% while increasing the maximum size of mortgages it will give out to $2 million per couple, up from $1.5 million. (Beyond North Carolina, the credit union originates mortgages for homes in Georgia, Tennessee, South Carolina and Virginia.)

Credit Unions Tout CRE Lending Chops11/06/2013Six years ago, George P Calomiris, president of Southeast Properties, was introduced toNASA Federal Credit Union and it was love at first sight. "I have done just about every loan with them since then, from multifamily finance to bridge financing to a home loan." Credit unions don't require a prepayment penalty, he noted, and their fees and points are substantially less. Calomiris makes those comparisons from experience: He is currently in a defeasance situation "and I can't do anything and am locked into that rate." In another case, he "just closed a conduit loan and the fees on that were in excess of four points-I have never come close to that with NASA."

Ways to Access Health Insurance Other Than the Marketplace11/04/2013Credit unions are member-owned financial institutions that are exempt from income taxation under federal and most state laws due to their status as nonprofit organizations. Credit unions have specific membership requirements based on criteria such as bonds of association and community charters. They tend to invest earnings in member services, including improved interest rates on loans and deposit accounts. Because credit unions are member driven and actively support their local communities, some also provide access to health insurance through a couple different avenues.