Credit Unions in the News

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Credit unions directly serve their members and communities05/21/2015League of Southeastern Credit Unions CEO Patrick La Pine countered an anti-credit union column that appeared in the South Florida Sun Sentinel by the Florida bankers association. La Pine's Op-Ed notes key credit union differences and CUNA data to refute the Florida bankers association's assertions. The paper's website requires users to enter an email address to access free content.

The benefits of banking locally05/20/2015Jordan Hensley, owner of Iowa's People's Credit Union, shares his story and reasons why banking locally is better. "You get to contribute to the growth of your local economy, you know who is helping you, financial decisions are made in the moment, and it usually saves you more money" and, also according to Hensley, are factors that help local communities thrive, especially in Iowa.

Community banks and credit unions go live with touch ID in mobile banking through Malauzai software05/20/2015Malauzai Software improves user experience with the integration of Apple's touch ID for mobile banking. Users can now gain access to their account with their finger print, instead of traditional login. Fort Community Credit Union (WI) is one of the many credit unions and community banks that have this feature.

STAR Credit Union helps kids learn how to save05/19/2015STAR Credit Union (WI) offers youth savings accounts to current and previous members of the Boys and Girls Club. The youth savings initiative is located at the Boys and Girls Club on Madison's south side. The program has a total of 586 members.

10 best credit union credit cards05/17/2015Gobankingrates ranks the top ten best credit cards offered by credit unions. Those that made the list include: BECU (WA) and Generations Federal Credit Union (TX). "The average interest rate on a credit union-issued credit cards was 9.17% in August 2014", which is 2% better than banks' according to CUNA and Research Services. 

Financial institutions need faster bandwidth for security, business continuity, data transfer05/15/2015Financial institutions today are responding to a number of trends driving their need for faster and more secure bandwidth to better address their customers' banking expectations. Dave Breuer, senior vice president and CIO for Ferndale-based Credit Union One, sees four trends affecting the business: The need to replicate large quantities of data; the need to transfer large digital documents; network convergence; and cloud-based services. 

Deseret First Credit Union to donate 20 pairs of shoes to missionaries05/12/2015As a way to celebrate its 60th birthday this year, credit union employees wanted to give back to the LDS community they serve by donating shoes to twenty missionaries for the Church of Jesus Christ of Latter-day Saints. "One of the things that we do realize is that the financial sacrifice for a mission is a very important thing for not just members of the church but also members of our credit union," Mike Cherry, marketing manager for Deseret First Credit Union, told

NuMark Credit Union talks about retirement lifestyle preparation at retirement fair05/11/2015"People are taught how to put together a résumé, but no one teaches you how to put together your retirement lifestyle. This Retirement Fair is a great way to preview what retirement expenses will look like." said Linda Krakora, NuMark Credit Union Training Manager & Retirement Fair facilitator. "It may be shocking to some people, but it is better to be aware and prepared."

Realizing the American Dream: Borrowing for a home using a credit union05/08/2015"Credit Unions are well-known for providing a better value to customers," said Matt Herrick, Vice President of Sales & Marketing at Southland Credit Union in Santa Monica. "Credit unions generally offer a full range or mortgage options to fit many different buyers." Many credit unions require the homebuyer to put down a minimum down payment of five percent, which will be matched with conventional financing, Herrick said. Federal Housing Administration (FHA) loans are another option offered by many large banks, but these loans tend to have larger fees, Herrick said.

Why credit unions are tax exempt05/08/2015Patrick Adams, CEO of St. Louis Community Credit Union, made it clear that credit unions don't pay federal income tax because credit unions are not-for-profit financial cooperatives. Adams says this "is yet another not-well-disguised attempt at eliminating competition to improve bank profits."

Clarifying credit unions' nonprofit status05/08/2015President and CEO of the Iowa Credit Union League Pat Jury sets the record straight on the credit union tax status by also pointing to the structure. Jury said, "Last year, more than one million Iowa credit union members saved $104 million in better rates and lower fees than they would have at banks. Further, Iowa credit unions do pay taxes, including property tax, sales tax, moneys and credits tax and employer-related taxes. Increasing the taxes already paid by credit unions is merely an increased tax on Iowa credit union members."

Choosing a credit union05/08/2015A credit union is a fantastic way to avoid the hassles often experienced from conventional banks. In these economic times, many people are finding out that credit unions have a lot to offer. It is a great place to find a financial solution while helping your community.

Youth-targeted financial literacy site a worthy parental fill-in05/01/, the FoolProof Foundation Walter Cronkite Project, offers free online financial literacy lessons for students and individuals of all ages. In addition to the courses, you’ll find useful guides with short videos on various consumer finance topics, such as buying a car or avoiding the latest scams. The project accepted funding from credit unions to get the initiative off the ground. “We chose community credit unions as our partners because of their not-for-profit nature, volunteer boards, and their focus on community issues,” said Remar Sutton, volunteer chairman of the FoolProof Foundation Walter Cronkite Project.

Local credit union utilizes video-conferencing04/30/2015The SouthPoint Federal Credit Union in St. Peter is utilizing different technology that can provide a different banking atmosphere for service excellence. Videoconferencing gives the company flexibility to help all of its customers with a smaller footprint. SouthPoint Federal Credit Union CEO Dick Nesvold says, "Here at this office because it's a small presence and for efficiencies and cost–effectiveness, we've used a lot of technology, part of it is the video–conferencing that we have just three staff people here, but yet we still have 70 some people that can support our members with questions or whatever."

Our view: Banking On a hand up04/29/2015Freedom First Federal Credit Union in Roanoke, Virginia is working within a voluntary public/private community program on a fight against entrenched poverty that’s occurring across the nation — a fight to lower the high cost of basic financial services for people who view traditional banking as out of their reach. People of low or modest means often don’t use traditional bank products. But they’re trying to change that by through micro loans as low as $250. “We hope that type of loan would keep people from going to a predatory loan operation,” said Dave Prosser, Freedom First’s senior vice president of community development.

Financial Literacy Month04/27/2015President of the League of Southeastern Credit Unions & Affiliates, Patrick La Pine, wrote in a letter: “Financial responsibility is a crucial part of gaining independence as Florida students look toward the future. We must ensure they are prepared with the skill set needed to make fiscally responsible choices and maintain financial stability. By providing education on topics including money management, retirement planning, dealing with debt, and marriage and merging finances, credit unions around Florida hope to promote responsible spending and saving habits as students look to enter the workforce and beyond.”

Football and fireworks: Stadium Spectacular 2015 –04/22/2015San Diego County Credit Union Poinsettia Bowl announced its "Stadium Spectacular 2015" – a very memorable fireworks show taking place for the first time at this year's bowl game held on December 23rd. San Diego County Credit Union has been the title sponsor of since its inception in 2005.

Credit union to host home buying seminar04/21/2015Fox Communities Credit Union is hosting a free home buying seminar for the community to explain the types of mortgages available and how to choose the right one for you. For every person attending, the credit union will donate $10 to Neighborhood Housing Inc.

Abandoned credit union accounts used to fund NM student scholarships04/21/2015The New Mexico Credit Union Education Foundation has awarded $1,000 scholarships to 130 students representing 13 different colleges and universities around the state — $130,000 in all for the upcoming academic year – through abandoned credit union accounts. "We want to see higher graduation rates and see more education for people that live here in New Mexico," said Paul Stull, the president and CEO of the Credit Union Association of New Mexico. "We also get quite a few people that apply that are the first people in their families to attend college."

Seattle ranks No. 1 in conversion to credit unions04/20/2015In Seattle more than twice the number of consumers use a credit union as their primary financial institution compared with the country's second-largest bank. And according to Troy Stang, president and CEO of the Northwest Credit Union Association, it's due to the fact that the cooperative structure of credit unions aligns perfectly with the values of Seattle consumers. "The culture and attitude of consumers here is unique. They want to know who they're doing business with."