Credit Unions in the News

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Healthiest credit unions of 201507/24/2015DepositAccounts released its list of the Top 200 healthiest credit unions in America for 2015. It’s important to know the financial health of the credit union you belong to in order to invest your money in the right financial institution.  

So your son wants to buy a car07/21/2015Washington Post writer Michelle Singletary advises young adults to consider using credit unions. Singletary, a long time credit union supporter, advocates for young adults looking to make their first car purchase to head to a credit union, where they may qualify for a lower rate. 

6 perks you can get at a credit unions07/20/2015In addition to the non-profit structure and co-operative nature of credit unions, members also get to experience certain perks that bank customers don’t experience. These include: lower interest rates on car loans, free checking, discounts on other purchases, more flexible lending, little to no money required to join and more competitive credit cards. 

Banks should worry about serving customers, not attacking credit unions07/17/2015In a letter to the editor, Michael DuPont, a NJ resident, suggests “banks should heed their motto and serve their customers first” instead of attacking credit unions. DuPont expresses his frustration with the many inaccuracies and one-sided arguments in the Community Banks Association article published in the Star Ledger on June 30. DuPont emphasizes credit unions are cooperatives and enumerates the advantages of their nonprofit status and reminds the public that credit unions weren’t the cause of the 2008 financial crisis.

Revisions would facilitate commercial lending07/17/2015Proposed changes from NCUA would benefit businesses seeking capital by allowing credit unions to lend to more, and in larger amounts.  "It puts credit unions on par with the banks which don't have a collateral requirement," said Michael Wishnow, senior vice president of the Harrisburg-based Pennsylvania Credit Union Association. "Many credit unions are finding it more and more difficult to extend credit because they're bumping up against arbitrary caps."Please note, this article is protected behind a paywall.

La. woman named chair of international credit union board07/15/2015Anne Cochran, president/CEO of the Louisiana Credit Union League was named the first chairwoman of WOCCU. Cochran succeeds Grzegorz Bierecki, President/CEO of the National Association of Co-operative Savings and Credit Unions in Poland. “My passion for the entire credit union movement knows no bounds,” said Cochran. “I pledge to you to continue to grow that passion in my new role.”

Setting the record straight on credit unions and taxes07/13/2015John Fenton, President/CEO of Affinity Federal Credit Union, sets the record straight about credit unions after a recent attack from the Community Banks Association. Fenton points out that out-of-state big banks are the root of most banking difficulties, not credit unions. Credit unions are member-owned, with no stockholders, passing earnings directly to depositors, saving New Jersey consumers $3.6 billion over the past eight years. For-profit banks, in contrast, pass earnings out to stockholders. He points out that credit unions and community banks would be better served by working together on Wall Street’s takeover of Main Street’s financial institutions.

Credit unions to offer loans to state workers07/09/2015The Illinois Credit Union League is stepping up in service excellence and has offered to cover state workers' paychecks, during an ongoing budget standoff. The league entered a partnership with state treasurer, Michael Frerichs, in order to provide no interest loans to employees that are credit union members.

Michigan credit union make big deposit for children07/07/2015The Michigan Credit Union League and state credit unions are recognized for their generous contributions to Children's Miracle Network Hospitals. The funds were dispersed evenly to various children's hospitals in the state. Nationally, credit unions are the third largest supporters for Children's Miracle Network Hospitals. 

Another view: credit unions are good for California07/07/2015California Credit Union League President/CEO, Diana Dykstra, rebuts statements made by the California Bankers Association over the naming rights to the Sacramento Kings basketball stadium granted to Golden 1 Credit Union. Dykstra states that credit unions are in the business of building and investing in communities and cites, as an example, ten credit unions in the area have granted $7 billion in loans to the local community. Furthermore, the athletic team and credit union have an outstanding 20-year partnership.

The case for credit unions' tax status07/07/2015New Jersey Credit Union League President/CEO, Greg Michlig, defends the credit union tax exempt status, noting that since credit unions are member-owned, these institutions are in a position to save Americans more money by offering better interest rates along with an assortment of other financial services.  In New Jersey alone, these savings are estimated at $76.3 million.  Congress has repeatedly affirmed the credit union tax status, dating back to 1937. 

9 reasons millennials are joining credit unions (and leaving banks)07/06/2015Millennials make up 28% of the 100 million credit union membership for various reasons. The overarching appeal is the cooperative nature and personal approach -- the "human side of finance" -- provided by credit unions.'

How to pick the best credit union for you07/03/2015You hear it again and again, credit unions are better than banks. With so many credit unions in America, how do you pick the best one for you? MoneyTalksNews lists out the areas of criteria you should consider when choosing the right credit union. 

100 best workplaces for millennials06/26/2015FORTUNE ranks the first-ever “100 Best Workplaces for Millennials” and credit unions made the list. Mountain America Credit Union landed at no. 47 on the list while Financial FCU took 94th and Michigan State University (MSU) FCU nabbed 97th place. Millennials account for at least 40% of the workforce among these credit unions and at MSU FCU 63% of its workforce is comprised of millennials!

Differences between banks and credit unions06/23/2015Banks and credit unions may seem similar, but there are key differences. The true credit union difference boils down to their structure. Credit unions are not-for-profit and owned by their members, not shareholders, tied together by a common form of membership. In addition, credit unions have volunteers that serve on the board of directors, which members are eligible to vote or serve on. It’s not what credit unions do, it’s how they do it that makes a lasting difference in the financial industry and in the member’s lives.

Best savings account rates today06/22/2015Credit unions are continually recognized as the best place to go for saving account rates. Credit unions listed with the best savings rates in the latest roundup include: Guardian Credit Union, which offers members 5.10% APY with a RoundUp Savings account. Digital Federal Credit Union, which yields 3.04% APY on the initial $500 deposited and 0.05% after that.

Travis Credit Union offers free teen financial boot camp06/17/2015Travis Credit Union hosts a financial education “stimulation” for high school students called, Mad City Money. This virtual life, computer stimulation engages teens and gets them thinking about basic money management.

Banks, retailers debate cyberdata security bills06/15/2015Banks and credit unions unite in order to hold retailers accountable for data breaches. Several proposed bills including, the Data Security Act of 2015, aims to hold merchants at the same level of responsibility when it comes to data breaches. 

Credit unions grow in size and services, shrink in number06/15/2015Current existing credit unions are experiencing growth in members, services, asset size and profits! Callahan & Associates predicts that America’s credit unions will set a record in the number of loans and capital this year. In the first quarter, credit unions saw a 10.6% increase in loan volume and capital rose to 8% above last year’s average.  

Here’s how too many people throw money away06/14/2015One of the common ways consumers are throwing their money away is paying bank fees. Consumers can easily save money, by switching to a credit union. Credit unions usually offer free checking and savings accounts and have better interest rates. Credit unions believe consumers shouldn’t have to pay out of pocket for basic banking services.