Credit Unions in the News

August 2013

Credit Unions Roll Out Promos, Services as Membership Rises08/30/2013A dozen First Missouri Credit Union employees spent the morning pumping gas and chatting with drivers about products and services. “We want to educate possible members that banking locally benefits the community and account holders,” Wolfe said. The St. Louis area is extremely competitive market, with 49 credit unions and more than 80 chartered banks and thrifts. And that doesn’t even include huge banks like U.S. Bank and Bank of America that operate locally.

Tax Reform Should Put Consumers First- Not Banks08/29/2013As tax reform picks up speed in Congress, special-interest groups are storming Capitol Hill to ensure that they get favorable tax treatment. Fortunately, some groups -- like credit unions -- are looking out for the interests of hard-working Americans in this tax reform debate.

Free Gas Giveaway Highlights Local Credit Unions08/29/2013Employees from North Country Credit Union were manning the pumps at the Champlain Farms near Exit 16. The first 200 cars to come through between 9 a.m. and 11 a.m. were treated to $20 of gas paid for by the credit union. Similar events were stages around the country as part of "Take Back your Banking Day." Credit unions and small banks are trying to convince people that their banking needs-- and the local economy-- are better served at smaller, local institutions.

THE WASHINGTON POST- By: Danielle Douglas08/29/2013Profits at banks and credit unions climbed during the second quarter as fee income rose and institutions reduce the money they set aside to cover losses on loans, according to separate regulatory reports released Thursday.

Security Credit Union Raises Money for Food Bank of Eastern Michigan08/28/2013Members and employees of Flint-based Security Credit Union raised $1,600 to benefit the Food Bank of Eastern Michigan as part of the annual Caring Community Credit Unions Campaign, "Hunger Does Not Take a Vacation."

Carolinas Credit Unions Focusing on Tax Reform, Consolidation08/28/2013John Radebaugh’s job just got a lot bigger. The president of the North Carolina Credit Union League will now lead the soon-to-be merged credit union leagues in the two Carolinas. The trade groups announced the final merger approval this week. I caught up with Radebaugh to discuss the changing credit union landscape.

Colorado’s Credit Unions Deserve to Keep Their Non-profit Status08/28/2013More than one in four Coloradans is a member of a credit union, the major alternative to commercial banks. They’ve had that choice for more than 80 years, since the Rio Grande Operating Credit Union, the oldest in our state, opened its doors in June 1931.

Back Down, Bankers - Credit Union Tax Exemption Has Merit08/28/2013The bankers are up to their same old shenanigans when it comes to their attacks on credit unions, as is evidenced in a recent BankThink editorial. As Congress begins the process of reviewing and rewriting the nation's tax code, the banking industry is crying foul against the nation's credit unions for myriad reasons – all without merit.

MEMPHIS BUSINESS JOURNAL- By: Rob Robertson08/23/2013Most of the tweets only obliquely mention the other side, but occasionally they can’t help but square off directly, and what follows is a general melee for a few minutes or even hours as their respective constituencies dive in to take a few swings.

Taxing Credit Unions Would be an Economic Blow08/23/2013If big banks and some members of Congress get their way, credit unions nationwide could soon lose their tax-exempt status. And that will result in a huge tax increase for the 96 million Americans who depend on credit unions.

Credit Union Rally in Albany08/22/2013The "Don't Tax My Credit Union" rally was held outside the offices of the Credit Union Association of New York on Watervliet Shaker Road in Albany. The group says that banks are trying to convince lawmakers to eliminate credit unions' not-for-profit tax exemption, saying taxing the credit unions wouldn't be taxing the company, but the people that use them.

Credit Unions: Myth and Misconceptions about Membership08/21/2013For a long time, in order to join a credit union you had to be a member of an organization or work for a private company or a government agency.

Credit Union Credit Cards: Threat to Big Banks?08/21/2013While they may not put the major credit card issuers out of business anytime soon, credit unions are convincing more of their members to carry union-issued plastic. Callahan & Associates, a financial consulting firm, released a report last month that found that credit card penetration rates at credit unions reached 15.3% in 2013. That number is 55 basis points greater than 2012 levels and 95 basis points more than five years ago.