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Australian CUs have experienced strong growth in retail deposits at the expense of their regional banking rivals. http://ow.ly/goIE
Yakima Valley CUs have benefited from larger banks troubles as membership, deposit growth, and overall presence expand. http://ow.ly/goHD
Florida Central CU names CUNA board member Laida Garcia as president, CEO. Garcia succeeds the late Ed Gallagly. See http://ow.ly/gnw7
WesCorp detailed cost-saving initiatives-- including roughly 90 layoffs--that aim to roll back expenses to 2003 levels. See July 6 NN.
Wash. State CUs have seen a 313% mortgage loan increase over the last 10 years, with lower car loan, savings deposit increases. See Mon. NN.
USA Today: CUs a good place for consumer savings
MADISON, Wis. (7/21/08)--With ongoing economic turmoil and problems with some financial institutions, many people are wondering where the best place is to put their savings.
USA TODAY personal finance columnist John Waggoner, mentioned credit unions as a viable option Friday in his column.
Waggoner spoke with Bill Hampel, chief economist at the Credit Union National Association (CUNA), before he wrote the column, "Where can you stash your cash," which dealt with options for consumers trying to safely save in difficult financial times.
Often, credit unions will pay higher yields because they are non-profit organizations that don't pay federal taxes, Waggoner noted.
Credit unions' deposits also are federally insured, he added.
In other news, Hampel appeared on FOX News Friday. "Credit unions are very safe and sound," he told the news outlet. "Depositors have nothing to worry about."
Loss rates at credit unions also are very low, he added. "You can count on one hand the number of credit unions that will likely fail," he said.
To see the video, use the link.
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