Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Ohio league Anti-bank sentiment boosts CUs growth
CLEVELAND (10/5/10)--Ohio credit unions are experiencing record membership growth two years after the financial crisis broke out nationwide, reported the Cleveland Plain Dealer (Oct. 4). For the fifth consecutive quarter, the state’s 392 credit unions reported rising membership, according to the Ohio Credit Union League’s most recent report in July, the article said. Anti-banking sentiment and a “Move Your Money” national campaign initiated in December that encourages consumers to switch from large banks to local financial institutions, such as credit unions, account for the popularity of credit unions, the league told the newspaper. Credit union membership gains in 2006 and 2007 were due to people joining credit unions to obtain low-loan rates during the borrowing boom, Patrick Keefe, vice president of communications and media for the Credit Union National Association, told the paper. However, continuing credit union membership growth the past two years amid a recession reflects a shift in consumer sentiment, he said. “It’s really about dissatisfaction with banks,” Keefe added. Ohio Catholic FCU in Garfield Heights experienced 8% membership growth in the past year, Randy Trimm, the credit union’s CEO, told the paper. “People have grown frustrated with being underserved and overcharged by banks,” Trimm added. To read the article, use the link.
Other Resources

RSS





print
News Now LiveWire
The U.S. Court of Appeals restored NCUA lawsuit v. Barclays Capital that charged misrepresenting quality of $550M IN RMBS. See News Now Wed.
5 hours ago
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
9 hours ago
Registration is now open for online viewing of @TheNCUA's March 19 board meeting. https://t.co/mMZoXSFjMe
9 hours ago
.@CFPB Director Richard Cordray's testimony that he will deliver before the #HFSC this afternoon. http://t.co/NA1aEOPAeh
11 hours ago
Consumer spending flatlines, savings ramp up #Market #NewsNow http://t.co/94kPuBpMRK
11 hours ago