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
.@NACHAOnline report: ACH volume increases to 23B payments in 2014 http://t.co/va2WYMh4Zv
16 hours ago
.@CUNA's @HampelBill in @washingtonpost on options for wary mortgage borrowers: http://t.co/CPSgTNgwmm
21 hours ago
Housing starts thaw, mortgage rates stand pat #Market #NewsNow http://t.co/hhPj5v5AH3
22 hours ago
.@CUNA files #RBC2 comment, urges #CU system to be heard #NewsNow http://t.co/yfoZHAMlZc
22 hours ago
#NewsNow Youth Month attracts 100,000th member for Mich. CU http://t.co/cgF5o83XlK
22 hours ago