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News Now

CU System
CU System Briefs (10/24/2011)
REDWOOD SHORES, Calif. (10/25/11)--Two credit unions were featured prominently in a Wall Street Journal sidebar on consumer lending. Provident CU in Redwood City, Calif., has seen too few of it 95,000 members wanting to borrow money, and too many members making extra  payments on mortgages, car loans and personal loans (The Wall Street Journal Oct. 21). So the credit union decided to take steps to stimulate demand it wasn't seeing from its existing membership. To attract more borrowers, the $1.62 billion asset credit union recently expanded it mailing of pre-approved car loan offers to nonmembers who live near one of its 18 branches. Provident's mortgage deals include a fixed-rate loan that can be paid off in 10 years. Also loan-financing terms were improved for installation of solar energy systems. Citizens Equity First CU in Peoria, Ill., with $4.63 billion in assets, offers its members new-car loans with a low interest rate of 2.4% and promises to cover paperwork costs when a borrower refinances a car loan originated by another lender  …


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