WASHINGTON (7/31/09)--Parents and their recent college graduates are the subject of one of this week's H&FF Radio guests, who shares tips on getting out of the parents' house and into a career. Other guests give advice about back-to-school shopping and how the current economy has changed that annual ritual.
Home & Family Finance airs Sundays at 3 p.m. EDT on the Radio America Network. The show also is carried on American Forces Radio Network. The one-hour program devoted to consumer finance issues is brought to you by America's credit unions and their 90 million members, and is presented by CO-OP Network.
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Friday, July 31, 2009
Social networks will change brand marketing
FARMERS BRANCH, Texas (7/31/09)--Within the next four to five years, the social web is expected to morph through several stages that will change the way brands are marketed, according to a Forrester Research white paper.
The paper, "The Future of the Social Web," explains several ways that marketers should prepare for the changes. Credit unions may be interested in these changes as they continue to attract new and young members.
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Courtesy of cuna.org
The paper, "The Future of the Social Web," explains several ways that marketers should prepare for the changes. Credit unions may be interested in these changes as they continue to attract new and young members.
Click the title for the whole story.
Courtesy of cuna.org
Bank failures far outnumber CUs'
WASHINGTON (7/31/09)--The number of bank failures during the first half of 2009 far outnumber credit unions that have closed or been put into conservatorship, according to statistics released by the Federal Deposit Insurance Corp. (FDIC).
For the first six months of 2009, roughly 72 institutions--including seven banks from just last weekend--were either closed or taken over by regulators (Bank Info Security July 28).
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Courtesy of cuna.org
For the first six months of 2009, roughly 72 institutions--including seven banks from just last weekend--were either closed or taken over by regulators (Bank Info Security July 28).
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Courtesy of cuna.org
Tuesday, July 28, 2009
Learning trade can be ticket to new job
McLEAN, Va. (7/29/09)--It won't only be fresh high-school grads entering trade schools this fall. Many newcomers are twice their age. Job loss, due to the down economy, is one force driving would-be workers back to school (USA Today July 20).
Thousand of new and returning students across the nation are choosing trade schools/community colleges over traditional colleges for the first time (The Wall Street Journal July 16).
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Courtesy of cuna.org
Thousand of new and returning students across the nation are choosing trade schools/community colleges over traditional colleges for the first time (The Wall Street Journal July 16).
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Washington Post: CUs offer better rates, fees
WASHINGTON (7/28/09)--Credit unions offer higher savings rates, lower fees and great personal service when compared with bigger banks, said the Washington Post Sunday.
Although big banks also want consumers' business, they are alienating customers by charging higher fees and employing more stringent lending standards, the newspaper said.
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Courtesy of cuna.org
Although big banks also want consumers' business, they are alienating customers by charging higher fees and employing more stringent lending standards, the newspaper said.
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CUs are superheroes, says N.Y. Times blogger
NEW YORK (7/28/09)--With the current financial crisis gripping the U.S., credit unions are stepping up like superheroes to offer better financial rates to the public, which has lost trust in large financial institutions, said an economics professor Monday in a New York Times blog.
"Credit unions always seemed like Dullsville to me," wrote Nancy Folbre, economics professor at the University of Massachusetts-Amherst. "I never bothered to check out the interest rates, much less the governance structure of credit unions I was eligible to join.
"But in the wake of the financial crisis, they began to look more like Clark Kent, who turned out to be Superman," she continued. "When the big American banks started sucking up to funds from the Troubled Asset Relief Program, or TARP, credit unions, with many fewer subprime mortgages on their balance sheets, started looking really good."
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"Credit unions always seemed like Dullsville to me," wrote Nancy Folbre, economics professor at the University of Massachusetts-Amherst. "I never bothered to check out the interest rates, much less the governance structure of credit unions I was eligible to join.
"But in the wake of the financial crisis, they began to look more like Clark Kent, who turned out to be Superman," she continued. "When the big American banks started sucking up to funds from the Troubled Asset Relief Program, or TARP, credit unions, with many fewer subprime mortgages on their balance sheets, started looking really good."
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Courtesy of cuna.org
Monday, July 27, 2009
Laid off and looking for work after 50
NEW YORK (7/27/09)--Many older workers are struggling to land on their feet after a layoff and having to settle for entry-level jobs. Some are starting their own business. If you're older than age 50, and looking for work for the first time in several years, know where to go for help because the job search process has changed (CNNMoney.com July 22).
Compounding the problem is a growing pool of older workers. According to AARP, one of six workers older than 65 is in the work force, compared with one of 10 in 1985.
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Courtesy of cuna.org
Compounding the problem is a growing pool of older workers. According to AARP, one of six workers older than 65 is in the work force, compared with one of 10 in 1985.
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Courtesy of cuna.org
CU makes 120 innovations to improve efficiency & service
BRILLION, Wis. (7/27/09)--When Best Advantage CU in Brillion, Wis., needed to relocate to a new building, it also wanted to completely change its operations.
"We said, 'How do we want our members to feel?'" Renee Maeder, Best Advantage CU business development leader, told News Now. "They need to feel great when they are here."
Best Advantage was recently mentioned in an article by the Appleton Post-Crescent about local businesses prompted to improve their efficiencies due to the economic recession. Best Advantage has increased its efficiency and provided its members with improved service as the result of 120 innovations that changed its overall operation.
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"We said, 'How do we want our members to feel?'" Renee Maeder, Best Advantage CU business development leader, told News Now. "They need to feel great when they are here."
Best Advantage was recently mentioned in an article by the Appleton Post-Crescent about local businesses prompted to improve their efficiencies due to the economic recession. Best Advantage has increased its efficiency and provided its members with improved service as the result of 120 innovations that changed its overall operation.
Click the title for the whole story.
Courtesy of cuna.org
10% is enough, religious groups tell lenders
DURHAM, N.C. (7/27/09)--Religious leaders and community organizers from throughout North Carolina demonstrated in Durham Wednesday as part of an international "10% is Enough" campaign, which seeks to cap interest rates charged by banks and credit card companies. Some credit unions agree with them.
The activists had planned to march to five financial institutions, including three credit unions (The News & Observer July 23). However, two Durham-based credit unions saved them the trip. Self-Help Community CU CEO Martin Eakes and Latino Community CU CEO Luis Pastor attended the demonstration.
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Courtesy of cuna.org
The activists had planned to march to five financial institutions, including three credit unions (The News & Observer July 23). However, two Durham-based credit unions saved them the trip. Self-Help Community CU CEO Martin Eakes and Latino Community CU CEO Luis Pastor attended the demonstration.
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Courtesy of cuna.org
Repos, fewer car loans sign of the times
TUMWATER, Wash. (7/27/09)--Credit unions in Washington experiencing a decline in auto loans and an uptick in repossessed vehicles are attributing the trend to the recession and the slow economy.
In addition to increasing bad car loans, total credit union car loans are down statewide, David Bennett, director of public relations for the Washington Credit Union League, told local newspapers (The Olympian via The News Tribune.com July 24).
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In addition to increasing bad car loans, total credit union car loans are down statewide, David Bennett, director of public relations for the Washington Credit Union League, told local newspapers (The Olympian via The News Tribune.com July 24).
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Chrysler asks CUs' aid on 'Cash for Clunkers'
LANSING, Mich. (7/24/09)--Chrysler incentives, including the credit union member discount, have been suspended as of Thursday, while the auto maker launches its single Cash for Clunkers campaign. The new program will run through Aug. 31.
Invest in America, credit unions' auto incentive program with Chrysler Corp. and General Motors Co. (GM), has a contract with Chrysler through the end of the year.
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Courtesy of cuna.org
Invest in America, credit unions' auto incentive program with Chrysler Corp. and General Motors Co. (GM), has a contract with Chrysler through the end of the year.
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Spending, credit card use online decreases 11%
RYE BROOK, N.Y. (7/24/09)--Overall consumer spending online for the third quarter is projected to decrease 11% to an average $277, reports a new study.
That amount compares to an average $255 last quarter and $346 during third quarter last year, says the quarterly eBillme Online Spending Index conducted by Javelin Strategy & Research.
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Courtesy of cuna.org
That amount compares to an average $255 last quarter and $346 during third quarter last year, says the quarterly eBillme Online Spending Index conducted by Javelin Strategy & Research.
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Fed explores big Reg Z changes
WASHINGTON (7/24/09)--The Federal Reserve Board has proposed several major changes to Regulation Z (Truth in Lending) that would modify the disclosures required of lenders for closed-end mortgage loans and home equity lines of credit (HELOCs).
The Fed's proposal regarding closed-end home mortgages--which follows recent changes to open-end credit disclosures--is intended to increase consumer awareness of potentially risky features, such as adjustable rates and prepayment penalties. The changes would apply to disclosures for all closed-end credit transactions secured by real property.
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The Fed's proposal regarding closed-end home mortgages--which follows recent changes to open-end credit disclosures--is intended to increase consumer awareness of potentially risky features, such as adjustable rates and prepayment penalties. The changes would apply to disclosures for all closed-end credit transactions secured by real property.
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New minimum wage won't affect most CUs, says CUNA
MADISON, Wis. (7/23/09)--On Friday, the nation's federal minimum wage will increase to $7.25 per hour. However, the wage hike is not likely to have much effect for most credit unions.
"The new minimum wage will have little effect on credit union wage costs," said Steve Rick, senior economist for the Credit Union National Association.
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Courtesy of cuna.org
"The new minimum wage will have little effect on credit union wage costs," said Steve Rick, senior economist for the Credit Union National Association.
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Study: Social media's results hard to judge
FARMERS BRANCH, Texas (7/23/09)--Measuring the effectiveness of social media campaigns is difficult for interactive marketers, according to a new study by Forrester Research, which could have implications for credit union marketers considering use of social media channels.
Of the 119 interactive marketers asked between May and June to rank such measurement capabilities on a scale of 1 to 10--"1" being "novice" and "10" being "expert"--the average response was 4.5 (LoneStar Leaguer July 22).
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Courtesy of cuna.org
Of the 119 interactive marketers asked between May and June to rank such measurement capabilities on a scale of 1 to 10--"1" being "novice" and "10" being "expert"--the average response was 4.5 (LoneStar Leaguer July 22).
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Wednesday, July 22, 2009
Disturbing trend on the 401(k) front
NEW YORK (7/22/09)--While the numbers indicate that workers still are stashing cash in their employer-sponsored 401(k)s, the news is not all good and requires many workers to take action now to catch up (Money August 2009).
A recent survey of 2.7 million eligible employees by Hewitt Associates revealed that 401(k) participation rates have increased from 67.2% in 2005 to 74.2% in 2008, thanks in part to auto-enrollment programs. And 15.4% of 401(k) participants increased their contributions in 2008. But that's the end of the good news.
Here's the bad news:
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Courtesy of cuna.org
A recent survey of 2.7 million eligible employees by Hewitt Associates revealed that 401(k) participation rates have increased from 67.2% in 2005 to 74.2% in 2008, thanks in part to auto-enrollment programs. And 15.4% of 401(k) participants increased their contributions in 2008. But that's the end of the good news.
Here's the bad news:
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Courtesy of cuna.org
Get 'em young, says CU liaison in Free Press
DETROIT (7/22/09)--Credit Union National Association's (CUNA) preschoolers money management program, Thrive by 5, is listed among the resource websites for an article addressing teaching young children about money in the Detroit Free Press (July 20).
The article also features the National Endowment for Financial Education's website, and interviews Erica Tobe, program leader for youth financial education at Michigan State University's Extension Service. Tobe is the extension's liaison to the credit union movement. She works closely with the Michigan Credit Union League and Michigan credit unions.
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Courtesy of cuna.org
The article also features the National Endowment for Financial Education's website, and interviews Erica Tobe, program leader for youth financial education at Michigan State University's Extension Service. Tobe is the extension's liaison to the credit union movement. She works closely with the Michigan Credit Union League and Michigan credit unions.
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Courtesy of cuna.org
Former CEO pleads not guilty to embezzlement
WISCONSIN RAPIDS, Wis. (7/21/09)--The former president of the now defunct Rapids Municipal CU in Wisconsin Rapids, Wis., pleaded not guilty Thursday in a U.S. District Court to charges of embezzling about $634,222 from the credit union.
David K. Henke, 50, was charged with bank fraud and embezzlement over a period from November 1999 to October 2008 from the credit union (Wausau Daily Herald July 18).
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Courtesy of cuna.org
David K. Henke, 50, was charged with bank fraud and embezzlement over a period from November 1999 to October 2008 from the credit union (Wausau Daily Herald July 18).
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Who takes care of consumers? Only CUs: Free Press
DETROIT (7/21/09)--Credit unions are the only lenders taking care of their consumers, noted a Saturday Detroit Free Press article. The newspaper also prominently mentioned the Michigan Credit Union League and its Invest in America program in contrast to the tightened access to credit consumers face at banks and other lenders.
Credit unions financed 170,000 loans to Chrysler and General Motors (GM) customers through the Invest in America program in the first half of this year. The program offers credit union members discounts and rebates when they purchase Chrysler or GM vehicles, the Free Press said.
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Courtesy of cuna.org
Credit unions financed 170,000 loans to Chrysler and General Motors (GM) customers through the Invest in America program in the first half of this year. The program offers credit union members discounts and rebates when they purchase Chrysler or GM vehicles, the Free Press said.
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Courtesy of cuna.org
Sales tax holiday cushions back-to-school outlays
WASHINGTON (7/20/09)--The economy is putting a tight squeeze on back-to-school shoppers this year, confirmed a recent survey by Washington, D.C.-based National Retail Federation (NRF). One option for budget-conscious parents or students is to take advantage of some tax-free holidays in the coming weeks.
According to the NRF's 2009 Back to School Consumer Intentions and Actions Survey, released July 14, the average family with K-12 learners will spend an average $548.72. That represents a decrease of 7.7% from $594.24 in 2008. The survey revealed that four of five Americans expect to cut back on back-to-school spending this year, 56.2% will search for sales, 59.6% will spend less overall, 41.7% will buy generic, and 40% will cut coupons.
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According to the NRF's 2009 Back to School Consumer Intentions and Actions Survey, released July 14, the average family with K-12 learners will spend an average $548.72. That represents a decrease of 7.7% from $594.24 in 2008. The survey revealed that four of five Americans expect to cut back on back-to-school spending this year, 56.2% will search for sales, 59.6% will spend less overall, 41.7% will buy generic, and 40% will cut coupons.
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Courtesy of cuna.org
30% of Internet users go online to manage finances
NEW YORK (7/20/09)--Thirty percent of U.S. Internet users recently surveyed say they go online to manage their finances. That sounds like a lot, but don't get cocky. In the scheme of things, "managing finances" isn't a popular reason to log on. In fact, it is No. 19 on a list of 21 reasons to go online.
The Ruder Finn Intent Index, conducted in second quarter 2009 by the Ruder Finn public relations agency, found that the No. 1 reason to go online was to "pass the time." Of those surveyed, 100% said this was a reason they log on (eMarketer July 17).
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The Ruder Finn Intent Index, conducted in second quarter 2009 by the Ruder Finn public relations agency, found that the No. 1 reason to go online was to "pass the time." Of those surveyed, 100% said this was a reason they log on (eMarketer July 17).
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Courtesy of cuna.org
Debt is down, but so are some credit scores
SAN FRANCISCO (7/20/09)--Credit unions may get questions from their members about credit scores, especially if the members have been working off their debt and find their credit score is less than a year ago. While debt for the average American is down, many are seeing lower credit scores.
Credit card companies that tightened their credit available to consumers the past two years have impacted their cardholders' scores, according to a survey by Credit Karma, a San Francisco-based online research and education business.
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Courtesy of cuna.org
Credit card companies that tightened their credit available to consumers the past two years have impacted their cardholders' scores, according to a survey by Credit Karma, a San Francisco-based online research and education business.
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Courtesy of cuna.org
Friday, July 17, 2009
Economy still fragile, Hampel tells Wash. Post
WASHINGTON (7/16/09)--The economy is fragile, and any economic recovery will take time, Bill Hampel, chief economist at the Credit Union National Association (CUNA), told the Washington Post Thursday.
"The bottom line is that the economy is still very weak and very fragile," Hampel said. "We're talking about a recovery beginning in the third or fourth quarter, but that's just barely a recovery."
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Courtesy of cuna.org
"The bottom line is that the economy is still very weak and very fragile," Hampel said. "We're talking about a recovery beginning in the third or fourth quarter, but that's just barely a recovery."
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Survey reveals what CUs already knew: Courtesy matters
WESTLAKE VILLAGE, Calif. (7/16/09)--Credit unions won't be surprised to learn of a new study's conclusions that courtesy and personal service matter when consumers shop for a financial institution. In fact, they matter more than the actual products or services offered.
J.D. Power and Associates' 2009 Retail Bank Shopping Study, released Tuesday, found that 36% of a shopper's decision to select a particular bank is driven by the bank's brand image. Branch proximity matters to 21% of shoppers surveyed, and products and services influence 14% of those respondents.
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Courtesy of cuna.org
J.D. Power and Associates' 2009 Retail Bank Shopping Study, released Tuesday, found that 36% of a shopper's decision to select a particular bank is driven by the bank's brand image. Branch proximity matters to 21% of shoppers surveyed, and products and services influence 14% of those respondents.
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Courtesy of cuna.org
How to avoid fraud with prepaid cards
MADISON, Wis. (7/16/09)--The growing popularity of prepaid cards worldwide is offering more opportunity for fraudsters and could lead to an increase in card fraud, according to an industry executive. However, credit unions can take steps to help prevent this fraud.
The fraud would take place in the form of lost and stolen cards, counterfeit cards, and theft of personal identification numbers, said Mike Urban, senior director of fraud solutions for Fair Isaac, a Minneapolis-based company that produces the FICO credit scoring system (CardLine Global July 15).
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Courtesy of cuna.org
The fraud would take place in the form of lost and stolen cards, counterfeit cards, and theft of personal identification numbers, said Mike Urban, senior director of fraud solutions for Fair Isaac, a Minneapolis-based company that produces the FICO credit scoring system (CardLine Global July 15).
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Courtesy of cuna.org
MICA: Cool tempers must reign in hot Washington temps
WASHINGTON (7/16/09)—In the nation's capital in July, hot temperatures and work fatigue may push lobbyists or lawmakers to lose their cool, but good leaders remember to keep their emotions in check, counsels Credit Union National Association President/CEO Dan Mica in The Hill.
In his most recent monthly K Street Insider column in the Capitol Hill publication, Mica recounted a lobbying experience where, despite his best intentions, he lost his cool, and offered what he called " a few simple words about cooling off this summer" for lobbyists tempted to fly off the handle.
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In his most recent monthly K Street Insider column in the Capitol Hill publication, Mica recounted a lobbying experience where, despite his best intentions, he lost his cool, and offered what he called " a few simple words about cooling off this summer" for lobbyists tempted to fly off the handle.
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Courtesy of cuna.org
Don't stress over travel insurance
CHICAGO (7/15/09)--With summer travel season in full swing, more vacationers are considering buying travel insurance as a way to relieve stress and gain some peace of mind. But ask questions first to know whether travel insurance is right for you.
A recent survey from staffing firm Randstad U.S. reveals that more than 40% of respondents feel stressed when preparing to be away from work for vacation (suburbanchicagonews.com June 29). And following 9/11, more travelers worry about whether travel plans will go off without a hitch.
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Courtesy of cuna.org
A recent survey from staffing firm Randstad U.S. reveals that more than 40% of respondents feel stressed when preparing to be away from work for vacation (suburbanchicagonews.com June 29). And following 9/11, more travelers worry about whether travel plans will go off without a hitch.
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Courtesy of cuna.org
Blogger loves her 'bank,' but oops, it's a CU
MADISON, Wis. (7/15/09)--A blogger on Salon.com is in love with her "bank." "I love my bank! I'm dancing with adoration for this place that holds my money for me." The only trouble is--her "bank" is actually a credit union.
If credit unions can get past the word "bank" as the Jess D. Facts blog raves about the unnamed credit union, they'll find this love letter provides examples of what credit unions do that banks don't and just how far credit unions will go to help a member in trouble.
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Courtesy of cuna.org
If credit unions can get past the word "bank" as the Jess D. Facts blog raves about the unnamed credit union, they'll find this love letter provides examples of what credit unions do that banks don't and just how far credit unions will go to help a member in trouble.
Click the title for the whole story.
Courtesy of cuna.org
USA TODAY offers tips on switching to CUs
MADISON, Wis. (7/15/09)--USA TODAY offered tips Tuesday to consumers who have had enough of excessive bank fees and want to move their accounts to an alternative financial institution such as a credit union--which the newspaper said is a good alternative.
"In this tight-fisted economy, there's no reason to pay more for banking services than necessary--especially when there are so many banks and credit unions vying for your affections," wrote Sandra Block, USA TODAY "Your Money" columnist. "Some community banks and credit unions are offering interest rates of 4% or more on checking accounts if you meet certain requirements, such as using your debit card at least 10 times a month."
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Courtesy of cuna.org
"In this tight-fisted economy, there's no reason to pay more for banking services than necessary--especially when there are so many banks and credit unions vying for your affections," wrote Sandra Block, USA TODAY "Your Money" columnist. "Some community banks and credit unions are offering interest rates of 4% or more on checking accounts if you meet certain requirements, such as using your debit card at least 10 times a month."
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Courtesy of cuna.org
Monday, July 13, 2009
Peer-to-peer lending? Credit unions do it better
MADISON, Wis. (7/13/09)--Lending Club, an online business that operates like a dating service to pair individuals who want to borrow money with people willing to lend it, reports more than 5,000 successful "marriages" worth more than $43 million since its launch two years ago. Credit Union National Association's (CUNA's) Center for Personal Finance reminds borrowers that credit unions remain a better option.
Peer-to-peer lending networks bypass the traditional lending industry by allowing consumers to appeal directly to other consumers for a loan. Peer lenders often can earn more interest lending their money to strangers than they'd earn on conventional investments such as certificates of deposit. Peer borrowers often can get loans at rates lower than banks offer.
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Courtesy of cuna.org
Peer-to-peer lending networks bypass the traditional lending industry by allowing consumers to appeal directly to other consumers for a loan. Peer lenders often can earn more interest lending their money to strangers than they'd earn on conventional investments such as certificates of deposit. Peer borrowers often can get loans at rates lower than banks offer.
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Courtesy of cuna.org
Social media, marketing topic of webinar series
MADISON, Wis. (7/13/09)--Credit unions can learn how to effectively incorporate social media into their marketing programs through a new webinar series from the Credit Union National Association.
The Social Media Webinar Series explains how to develop and incorporate a social media strategy into credit union marketing efforts by using free tools such as blogs, YouTube, Twitter, MySpace and Facebook. The four-session series runs Aug. 11-27 and is held in conjunction with the CUNA Marketing and Business Development Council (CMBDC).
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Courtesy of cuna.org
The Social Media Webinar Series explains how to develop and incorporate a social media strategy into credit union marketing efforts by using free tools such as blogs, YouTube, Twitter, MySpace and Facebook. The four-session series runs Aug. 11-27 and is held in conjunction with the CUNA Marketing and Business Development Council (CMBDC).
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Courtesy of cuna.org
GM, Chrysler CU discounts to continue though year-end
LANSING, Mich. (7/13/09)--General Motors (GM) and Chrysler credit union member discounts as part of the "Invest in America" program will continue through the end of the year, the Michigan Credit Union League announced Thursday.
"Invest in America" is credit unions' auto loan discount program with auto manufacturers General Motors Corp. (GM) and Chrysler Corp. The program started in December with a four-state pilot program for GM and a 12-state pilot for Chrysler.
The program's sales totaled 35,938 in June, the league said. Of Chrysler's sales in June, 26% came through "Invest in America."
The number of GM and Chrysler car sales facilitated through the program so far--December through June--is 175,261. The program is on pace to sell 300,000 vehicles this year.
To date, 140,209 loans value at $2.8 billion combined have been made through credit unions as part of the program.
Courtesy of cuna.org
"Invest in America" is credit unions' auto loan discount program with auto manufacturers General Motors Corp. (GM) and Chrysler Corp. The program started in December with a four-state pilot program for GM and a 12-state pilot for Chrysler.
The program's sales totaled 35,938 in June, the league said. Of Chrysler's sales in June, 26% came through "Invest in America."
The number of GM and Chrysler car sales facilitated through the program so far--December through June--is 175,261. The program is on pace to sell 300,000 vehicles this year.
To date, 140,209 loans value at $2.8 billion combined have been made through credit unions as part of the program.
Courtesy of cuna.org
Proper ATM fee disclosures can avoid lawsuits
LAS VEGAS (7/13/09)--Lawsuits charging improper ATM fee disclosures against financial institutions--including credit unions--and others operating ATMs continue to be filed in Pennsylvania.
The most recent lawsuit, filed in a U.S. District Court in Pennsylvania Wednesday, is against Global Cash Access Holdings Inc., a Las Vegas-based company that provides credit and ATM services to casinos around the country (Las Vegas Sun July 10).
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Courtesy of cuna.org
The most recent lawsuit, filed in a U.S. District Court in Pennsylvania Wednesday, is against Global Cash Access Holdings Inc., a Las Vegas-based company that provides credit and ATM services to casinos around the country (Las Vegas Sun July 10).
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Courtesy of cuna.org
CUs work with members on auto delinquencies
PERRYSBURG, SYLVANIA TOWNSHIP and HOLLAND, Ohio (7/13/09)--Several credit unions in Ohio are doing their best to work with their members who become delinquent on auto loans.
Great Lakes CU, Perrysburg, Ohio, has been working to reduce the burden on its members who have had their cars repossessed. Instead of sending the cars to auction, the credit union has begun selling the vehicles itself--a situation CEO Dave Seeger describes as a "win-win."
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Courtesy of cuna.org
Great Lakes CU, Perrysburg, Ohio, has been working to reduce the burden on its members who have had their cars repossessed. Instead of sending the cars to auction, the credit union has begun selling the vehicles itself--a situation CEO Dave Seeger describes as a "win-win."
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Courtesy of cuna.org
Media blitz nets positive stories for CUs in California
RANCHO CUCAMONGA, Calif. (7/13/09)--A media blitz conducted by the California Credit Union League netted a wealth of positive print stories about California credit unions accepting IOUs (registered warrants) during the state's ongoing budget crisis.
Stories have run or will run in several of the state's prominent newspapers and business journals, and national news outlets such as CNNMoney.com and the Associated Press.
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Courtesy of cuna.org
Stories have run or will run in several of the state's prominent newspapers and business journals, and national news outlets such as CNNMoney.com and the Associated Press.
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Courtesy of cuna.org
Thursday, July 9, 2009
CU's new elite card deemed one-of-a-kind
FARMERS BRANCH, Texas (7/9/09)--Texas Dow Employees CU (TDECU) and TNB Card Services have launched a card product, Onyx, which blends revolving and non-revolving credit to offer triple buying power.
The card was designed to compete with elite card brands. Onyx targets members with credit scores of 720 or higher. A cardholder with a $10,000 credit limit can access up to three times the line of credit. The first $10,000 is on a revolving limit, like a traditional card. The remaining balance, or non-revolving credit, is due in full at the end of each billing cycle, said the Texas Credit Union League (LoneStar Leaguer July 8).
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Courtesy of cuna.org
The card was designed to compete with elite card brands. Onyx targets members with credit scores of 720 or higher. A cardholder with a $10,000 credit limit can access up to three times the line of credit. The first $10,000 is on a revolving limit, like a traditional card. The remaining balance, or non-revolving credit, is due in full at the end of each billing cycle, said the Texas Credit Union League (LoneStar Leaguer July 8).
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Courtesy of cuna.org
CUs fill void as student-loan lenders retrench
CHICAGO (7/9/09)--Credit unions' student lending programs have gained the attention of The Chronicle of Higher Education.
With traditional student loans in short supply as lenders retrench through the economy, credit unions are stepping into the opportunity of private student lending, Credit Union National Association Senior Economist Mike Schenk, told the publication (July 10).
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Courtesy of cuna.org
With traditional student loans in short supply as lenders retrench through the economy, credit unions are stepping into the opportunity of private student lending, Credit Union National Association Senior Economist Mike Schenk, told the publication (July 10).
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Courtesy of cuna.org
New tax credit eases college tuition burden
WASHINGTON (7/8/09)--If you want help financing college education, it could be as easy as filing your taxes.
The American Recovery and Reinvestment Act allows for a tax credit--a reduction in your tax bill--of up to $2,500 per student for the cost of tuition, fees and book expenses paid in 2009 and 2010. This amount is an increase over previous Hope and Lifetime Learning Credit limits and applies to tax years 2009 and 2010, so the earliest you'll get the credit is early 2010 for the 2009 tax year (MSN Money June 24).
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Courtesy of cuna.org
The American Recovery and Reinvestment Act allows for a tax credit--a reduction in your tax bill--of up to $2,500 per student for the cost of tuition, fees and book expenses paid in 2009 and 2010. This amount is an increase over previous Hope and Lifetime Learning Credit limits and applies to tax years 2009 and 2010, so the earliest you'll get the credit is early 2010 for the 2009 tax year (MSN Money June 24).
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Courtesy of cuna.org
Nearly 500 CUs were robbed in 2008
WASHINGTON (7/8/09)--Nearly 500 U.S. credit unions were robbed in 2008, according to bank crime statistics released Monday by the Federal Bureau of Investigation (FBI).
During last year, 483 credit unions experienced robberies, 121 had burglaries and 28 were victims of larcenies
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Courtesy of cuna.org
During last year, 483 credit unions experienced robberies, 121 had burglaries and 28 were victims of larcenies
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Courtesy of cuna.org
Violent acts infrequent in CU robberies
WASHINGTON (7/8/09)--The run-of-the-mill robbery in financial institutions last year did not involve acts of violence, according to crime statistics released Monday by the Federal Bureau of Investigation (FBI).
Acts of violence were committed in 293 reported incidents--roughly 4% of the 6,849 total robberies, burglaries and larcenies that credit unions and other financial institutions experienced last year.
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Courtesy of cuna.org
Acts of violence were committed in 293 reported incidents--roughly 4% of the 6,849 total robberies, burglaries and larcenies that credit unions and other financial institutions experienced last year.
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Courtesy of cuna.org
MnCUN: CUs must overcome modesty, spread word
MINNEAPOLIS (7/7/09)--Credit unions can't allow themselves to be a secret that's passed from generation to generation, according to Mark Cummins, CEO of the Minnesota Credit Union Network. Rather, they need to spread the word.
"We want [credit union membership] to be an option for anybody who lives in Minnesota," he told Finance and Commerce (July 3), a Minneapolis-based business publication.
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Courtesy of cuna.org
"We want [credit union membership] to be an option for anybody who lives in Minnesota," he told Finance and Commerce (July 3), a Minneapolis-based business publication.
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Courtesy of cuna.org
Monday, July 6, 2009
CUs for Kids had huge impact, report says
SALT LAKE CITY (7/6/09)--Credit Unions for Kids has issued an impact report showing credit unions' contributions over the years to Children's Miracle Network hospitals.
Credit Unions for Kids ranks third behind Wal-Mart and Costco for corporate giving at Children's Miracle Network. The credit unions raised a record $9.3 million in 2008--a 17% increase over 2007, according to Joe Dearborn, Children's Miracle Network senior director.
More than 170 Children's Miracle Network hospitals benefit from Credit Unions for Kids' contributions, which have increased annually. In 1996, the organization raised $1.5 million. This amount was more than tripled in 2000 with donations of $4.9 million. In 2005, Credit Unions for Kids raised $6.3 million, bringing the total amount of money raised from 1996 to 2008 to about $73 million.
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Courtesy of cuna.org
Credit Unions for Kids ranks third behind Wal-Mart and Costco for corporate giving at Children's Miracle Network. The credit unions raised a record $9.3 million in 2008--a 17% increase over 2007, according to Joe Dearborn, Children's Miracle Network senior director.
More than 170 Children's Miracle Network hospitals benefit from Credit Unions for Kids' contributions, which have increased annually. In 1996, the organization raised $1.5 million. This amount was more than tripled in 2000 with donations of $4.9 million. In 2005, Credit Unions for Kids raised $6.3 million, bringing the total amount of money raised from 1996 to 2008 to about $73 million.
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Courtesy of cuna.org
Protect investments from a Ponzi scheme
NEW YORK (7/6/09)--Don't let your guard down. Even though Bernard Madoff received a 150-year sentence for a massive Ponzi scheme that bilked investors out of billions of dollars, other investment fraudsters are on the prowl. Look for warning signs to avoid being caught in a similar scheme (CNNMoney June 29).
In a Ponzi scheme, the operator, acting as a financial planner, promises investors steep returns--generally higher than those available through other investments. Instead of investing the funds, the operator uses money from those entering the scheme later to pay purported dividends to the earlier investors. Once the operator can no longer pay out to all investors, the scheme falls apart and victims are left stripped of their investments (FBI.gov).
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Courtesy of cuna.org
In a Ponzi scheme, the operator, acting as a financial planner, promises investors steep returns--generally higher than those available through other investments. Instead of investing the funds, the operator uses money from those entering the scheme later to pay purported dividends to the earlier investors. Once the operator can no longer pay out to all investors, the scheme falls apart and victims are left stripped of their investments (FBI.gov).
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Courtesy of cuna.org
Homeowner tips: Control pests, clutter, energy costs
WASHINGTON (7/2/09)--This Sunday's H&FF Radio show is all about home improvement--from hiring pest control professionals and home improvement contractors, to getting a home inspection and slashing home energy consumption.
Home & Family Finance airs Sundays at 3 p.m. EDT on the Radio America Network. The show also is carried on American Forces Radio Network. The one-hour program devoted to consumer finance issues is brought to you by America's credit unions and their 90 million members, and is presented by CO-OP Network.
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Courtesy of cuna.org
Home & Family Finance airs Sundays at 3 p.m. EDT on the Radio America Network. The show also is carried on American Forces Radio Network. The one-hour program devoted to consumer finance issues is brought to you by America's credit unions and their 90 million members, and is presented by CO-OP Network.
Click the title for the rest of the story.
Courtesy of cuna.org
New student-loan refinancing program begins today
NEW YORK (7/1/09)--There's good news on the student loan front, but the new income-based repayment option isn't the be-all-end-all for all college graduates (CNNMoney.com June 24).
To qualify for the Income-Based Repayment Program (IBRP), you must have a Stafford, Graduate PLUS, or consolidation loan with either the Direct Loan or Federal Family Education Loan (FFEL) programs. Students who carry private student loans or loans taken out by parents to help fund their child's education through the FFEL or Direct Loan parent PLUS Loan programs don't qualify. Also, your total debt must exceed 1.5 times gross income.
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Courtesy of cuna.org
To qualify for the Income-Based Repayment Program (IBRP), you must have a Stafford, Graduate PLUS, or consolidation loan with either the Direct Loan or Federal Family Education Loan (FFEL) programs. Students who carry private student loans or loans taken out by parents to help fund their child's education through the FFEL or Direct Loan parent PLUS Loan programs don't qualify. Also, your total debt must exceed 1.5 times gross income.
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Courtesy of cuna.org
Wednesday, July 1, 2009
Scammers find lucrative business from funerals, foreclosures
NEW YORK (6/29/09)--While you're pinching pennies during the recession, scammers keep finding innovative ways to pick your pocket.
The foreclosure mess is turning into a lucrative business for crooks who promise to "help people" avoid foreclosure--for a price (nytimes.com June 21). While there are many legitimate nonprofit agencies providing free, confidential help to borrowers, con artists convince desperate homeowners who are behind on their payments to fork over $1,500, $3,000, or even up to $8,000 in fees for services that typically are free...
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Courtesy of cuna.org
The foreclosure mess is turning into a lucrative business for crooks who promise to "help people" avoid foreclosure--for a price (nytimes.com June 21). While there are many legitimate nonprofit agencies providing free, confidential help to borrowers, con artists convince desperate homeowners who are behind on their payments to fork over $1,500, $3,000, or even up to $8,000 in fees for services that typically are free...
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Courtesy of cuna.org
Homebuyer tax credits, charity scams, travel packages
WASHINGTON (6/26/09)--Guests on Sunday's H&FF Radio offer expert advice about taking advantage of the first-time homebuyer tax credit, steering clear of charity scams, and avoiding travel packages with one too many surprises. And one guest explains how the bar code has transformed consumers' shopping experience.
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Courtesy of cuna.org
Click the link to finish the story.
Courtesy of cuna.org
Speaker: CUs need strategy for a new world
BOSTON (6/26/09)--Credit unions should consistently focus on their relationships with members, take advantage of competitors' weaknesses, and not be shy about investing in technology. Mark Sievewright, senior vice president, Fiserv Inc., Brookfield, Wis., told America's Credit Union Conference & Expo Wednesday in Boston. Sievewright, senior vice president, Fiserv Inc., Brookfield, Wis., delivered that message Wednesday at America's Credit Union Conference & Expo in Boston.
Sievewright shared six strategic themes changing the movement today...
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Courtesy of cuna.org
Fed keeps rates the same: cites 'subdued' inflation
MADISON, Wis. (6/25/09)--The Federal Open Market Committee on Wednesday voted unanimously to keep the target for the federal funds rate at a record-low range of zero to 0.25%. In a statement following the meeting, the Fed said "economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period of time."
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courtesy of cuna.org
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courtesy of cuna.org
2010 will be pivotal, says NCUA's Marquis
BOSTON (6/25/09)--2010 will be a pivotal year on the credit union regulatory scene, National Credit Union Administration (NCUA) Executive Director David Marquis told a Wednesday morning breakout session on legislative and regulatory issues during the America's Credit Union Conference (ACUC) in Boston.
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courtesy of cuna.org
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courtesy of cuna.org
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