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Credit Unions in the News

May 2014

Structured to Serve05/29/2014From car loans and home mortgages to financial education and outreach, Georgia’s credit unions not only provide much-needed services for members, but also help build communities. A woman in the Macon area found herself upside-down on her mortgage last year. Although she had faithfully made her monthly payment for 15 years, she unexpectedly wound up on the verge of losing the home she had worked countless hours to afford.

MONEY MATTERS: Paying for College05/29/2014Andy Mattingly with FORUM Credit Union provides some tips to help pay for college.

Credit Union Access for All: What Banks Don’t Want You to Know05/28/2014If you know anything about credit unions, you know that typically, prospective members need to meet certain requirements in order to be eligible to join. In recent years, however, credit unions have been broadening their Field of Membership (FOM) qualifications, making it easier for interested individuals to join. Are there truly credit unions that offer access for all?

Riverside Partners With Cancer Services05/24/2014Organizers hope a new partnership will raise thousands of dollars for a local organization. Riverside Community Federal Credit Union and Cancer Services of Grant County announced Friday that the pair will work together to raise money for the non-profit.

A Checklist for First Time Homebuyers05/23/2014"The immediate benefit of a 15-year loan is that it's a shorter-term loan, and you typically get a much lower rate than a 30-year loan," says Doug Leever, a mortgage sales manager at Tropical Financial Credit Union, which services South Florida. For instance, according to mortgage buyer Freddie Mac, if you were to take out a 15-year mortgage now, the average rate is 3.25 percent; for a 30-year mortgage, it's 4.14 percent.

Georgia Credit Unions Impact Members, Their Communities(1)05/22/2014Georgia credit unions are committed to helping their members afford their lives. But the impact of credit unions reaches far beyond the branch walls. As not-for-profit institutions, credit unions contribute their resources to the greater good of their communities. They live out the values of working together to accomplish more, and the difference they make is felt across Georgia every day.

Georgia Credit Unions Impact Members, Their Communities05/22/2014Georgia credit unions are committed to helping their members afford their lives. But the impact of credit unions reaches far beyond the branch walls. As not-for-profit institutions, credit unions contribute their resources to the greater good of their communities. They live out the values of working together to accomplish more, and the difference they make is felt across Georgia every day.

What To Know Before Hitting The Car Lot In 201405/22/2014But a dealership isn’t the only place you can get a car loan, and it’s certainly worthwhile to consider all of your options. Credit unions offer 40% lower interest rates on new car loans than traditional banks, and 44% lower rates on used car loans. They also offer repayment terms of up to 96 months for new car loans and 84 months for their used counterparts, while banks and car manufacturers usually cap financing at 72 months.

Small-Business Job Engine Sputters05/15/2014So have more traditional lenders that once provided the capital to get a new company off the ground. That is why alternative lenders have been rushing in to fill a void in the market over the last five years. Crowdfunding sites like Kickstarter and Indiegogo have been doling out money for start-ups and expansion capital for entrepreneurs. So have credit unions across the country. Increasingly they are getting in the business of offering small business loans to local businesses in their communities to help support Main Street.

Wichita Credit Unions Plan to Pick Up Some Lunch Tabs05/15/2014The Kansas Credit Union Association said Thursday representatives from six Wichita credit unions will be picking up the lunch tabs for customers of two restaurants. KCUA said in a news release that the representatives would be at Wasabi, 2404 N. Maize in northwest Wichita, and Tanya's Soup Kitchen, 1725 E. Douglas, downtown today.

Personal Finance Worries Continue to Plague U.S. Workers, Creating Concerns for Employers05/14/2014Concerns and stress about personal finances are distracting U.S. employees during working hours, impacting their job performance and potentially sapping company productivity, according to a new survey from the Society for Human Resource Management (SHRM).

Bill Giving Credit Unions Federal Home Loan Bank Access Passes House05/07/2014A bill introduced by Rep. Steve Stivers, R-Ohio, that would allow privately insured credit unions to become members of theFederal Home Loan Bank has passed in the House.

Money Matters: How Financially Prepared is Your College Student05/07/2014Andy Mattingly from FORUM Credit Union discusses how to prepare college students for life after graduation. 

Credit Unions in New York's Capital Region See Boost in Car Loans05/07/2014Credit unions in the Albany, New York area have found a new area of growth: auto loans. Credit unions in New York's Capital Region are mirroring a national trend as their auto loan portfolios grow.

Credit Unions Growing at Banks' Expense05/05/2014Since 2007, on the eve of the banking crisis, through 2013, the last year we have data for, the largest credit unions in Philadelphia and its Pennsylvania suburbs -- 11 institutions with at least $400 million each in deposits and share accounts -- have boosted those deposits by a collective two-thirds, bringing their total to $11 billion, according to National Credit Union Administration data collected by SNL Securities LLC.

Credit Unions Cash In On 2013 Refi Boom05/02/2014Credit unions operating in Northern Colorado and the Boulder Valley rode the refinancing boom to improved asset numbers, with nine showing improvement in 2013. A new report from the Mountain West Credit Union Association shows that among its member credit unions, total assets increased from $9.4 billion to $9.8 billion year-over-year, an increase of 4.4 percent.

6 Credit Unions That Make Blockbusters Like Spider-Man 2 Possible05/01/2014One of the perks of joining a local bank or credit union is that these types of institutions focus on the residents of a particular community and the specific financial issues they face. Most credit unions and local banks are committed to serving a local employer group or county - meaning the service will be most beneficial to those who qualify for membership. Those who work in the entertainment industry, whether as an actor, director, editor, sound mixer, writer, producer or crew member, have access to a wide range of credit unions that will cater to their banking needs. Many industry employees lack consistent income, requiring them to seek unique services and assistance planning their budgets.

The Smart Way to Buy a Used Car05/01/2014Mark Littleton with Kinetic Credit Union said think before you spend. The first thing you need to do when buying a car is know your budget. Littleton said the second thing is "get pre-approved so when you go to a dealership, you know how much car you can afford." Then he said make sure you do your homework on the car because what looks good now could be trouble later. 

People Staying Unbanked Because of Fees05/01/2014