Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Minn. CUs recovering faster than states banks
ST. PAUL, Minn. (7/10/12)--Minnesota's 130 credit unions are recovering from 2008's financial collapse much faster than the state's banks.

About 78% of Minnesota's credit unions won Bauer Financial recommendations in the first quarter, bettering the national average of 73.7%, and an improvement from 64% in the first quarter of 2012, according to Finance and Commerce (July 9).

Minnesota credit unions also posted the third-fastest rate of improvement among all the states.

About 56% of Minnesota banks were recommended by Bauer this year, an improvement from 50% last year. Nationally, 65.6% of banks were recommended by Bauer.

Faster recoveries coming out recessions are typical for credit unions, Ben Rogers, chief researcher with the Filene Research Institute, told Finance and Commerce.

Minnesota credit unions were assisted by a boost in consumer confidence, which helped improve auto and home lending, Dan Stoltz, president of Spire FCU, Roseville, Minn., told the publication.

Credit unions also improved their operational efficiency, Stoltz said.


RSS print
News Now LiveWire
@AdamMertzCUNA @CUNACraig @AnnHPeterson @CUEscan @cumagazine
2 hours ago
.@TheNCUA :Low-income CUs can expand services to members, train staff,collaborate for efficiencies w/more than $1M in grants awarded 2day
12 hours ago
.@CUNA joins 11 other financial service orgs urging @SenateFloor to take up #CISA to strengthen cybersecurity information sharing
13 hours ago
.@RedwoodCU and its staff donated a combined $5,100 toward AIDS Walk San Francisco. The CU is a longtime sponsor of the event.
13 hours ago
See the latest from @CUNA's CompBlog on Customer Due Diligence. http://t.co/rzOzDUpNMT
13 hours ago