HARRISBURG, Pa. (6/4/08)--As the student lending market gets tighter, credit unions have an opportunity to connect with young members and provide a service to build lasting relationships, said Pennsylvania Credit Union Association (PCUA) President/CEO Jim McCormack.
Many large banks have stopped lending to students attending community colleges, for-profit universities and other less competitive institutions--which means that needy students will be challenged with finding enough money to pay for school, the PCUA said (Life is a Highway June 3).
McCormack encourages credit unions to provide student lending programs. Pennsylvania credit unions have created TEAMS, a cooperative program that helps credit unions offer student loans to members through the Federal Family Education Loan Program (FFELP).
A number of lenders have withdrawn from FFELP because they can't sell loans in the secondary market, the league said, referring to a recent The Wall Street Journal article.
"[Student lending] is good business and reinforces the credit union's future," McCormack said.
courtesy of cuna.org
Thursday, June 5, 2008
USA Today features Biz Kid$ in Money section
FEDERAL WAY, Wash. (6/4/08)--BizKid$, a television program underwritten by America's Credit Unions, aimed at teaching youths about money, received coverage in Monday's USA Today Money section.
Rebecca Charbonneau, a member of Kitsap CU, Bremerton, Wash., was featured in the article. Charbonneau was in Episode 104 of BizKid$ for opening a candy store at the age of 15.
"Rebecca really embodies the message of the show," said RoxAnne Kruger, BizKid$ project manager and senior vice president of the Washington Credit Union League. "And that is, when you stay focused and have a dream, you can make anything happen."
Charbonneau has spoken at meetings and conventions on behalf of BizKid$, she added.
Financial education has never been more important--so the timing of BizKid$ is incredible, Kruger said. The show highlights the importance of financial literacy, and entrepreneurship--which is vital to the economic environment.
"Credit unions have a long tradition of fostering financial education," Kruger said. "BizKid$ is an innovative way of communicating financial education to the next generation."
BizKid$ is funded by the National Credit Union Foundation, and was developed by Junior Achievement.
It airs on 311 of the nation's 343 PBS stations in 49 states. American Public Television reported that by March, the show had reached 118 million households. It is airing in 14 of the nation's top 15 markets.
About 140 credit unions, leagues, foundations and affiliated system organizations and service providers have supported Seasons One and Two. NCUF is the show's largest funder. Other supporters include CUNA Mutual Group, the World Council of Credit Unions, the Federation of Community Development Credit Unions and several corporate credit unions.
On May 22, Biz Kid$ producers and actors hosted a group of National Credit Union Foundation Development Educators in Seattle for a three-day summer workshop. Part of the workshop included a tour of the BizKid$ set, and a preview screening of an episode.
A DVD of curriculum and other student activities related to the first 21 episodes also was distributed during the workshop. The DVD was created by Junior Achievement.
courtesy of cuna.org
Rebecca Charbonneau, a member of Kitsap CU, Bremerton, Wash., was featured in the article. Charbonneau was in Episode 104 of BizKid$ for opening a candy store at the age of 15.
"Rebecca really embodies the message of the show," said RoxAnne Kruger, BizKid$ project manager and senior vice president of the Washington Credit Union League. "And that is, when you stay focused and have a dream, you can make anything happen."
Charbonneau has spoken at meetings and conventions on behalf of BizKid$, she added.
Financial education has never been more important--so the timing of BizKid$ is incredible, Kruger said. The show highlights the importance of financial literacy, and entrepreneurship--which is vital to the economic environment.
"Credit unions have a long tradition of fostering financial education," Kruger said. "BizKid$ is an innovative way of communicating financial education to the next generation."
BizKid$ is funded by the National Credit Union Foundation, and was developed by Junior Achievement.
It airs on 311 of the nation's 343 PBS stations in 49 states. American Public Television reported that by March, the show had reached 118 million households. It is airing in 14 of the nation's top 15 markets.
About 140 credit unions, leagues, foundations and affiliated system organizations and service providers have supported Seasons One and Two. NCUF is the show's largest funder. Other supporters include CUNA Mutual Group, the World Council of Credit Unions, the Federation of Community Development Credit Unions and several corporate credit unions.
On May 22, Biz Kid$ producers and actors hosted a group of National Credit Union Foundation Development Educators in Seattle for a three-day summer workshop. Part of the workshop included a tour of the BizKid$ set, and a preview screening of an episode.
A DVD of curriculum and other student activities related to the first 21 episodes also was distributed during the workshop. The DVD was created by Junior Achievement.
courtesy of cuna.org
Tuesday, June 3, 2008
Native American predatory lending examined by Senate
WASHINGTON (6/3/08)--The Credit Union National Association (CUNA) will participate Thursday in a U.S. Senate Committee on Indian Affairs oversight hearing entitled "Predatory Lending in Indian Country."
CUNA witness Darwin Brokke, president/CEO of Citizens Community CU of Devils Lake, N.D., will explain credit union alternatives to predatory lending in Native American communities.
The hearing starts at 9:30 a.m. ET and can be viewed via the Internet. Use the resource link below for more information.
courtesy of cuna.org
CUNA witness Darwin Brokke, president/CEO of Citizens Community CU of Devils Lake, N.D., will explain credit union alternatives to predatory lending in Native American communities.
The hearing starts at 9:30 a.m. ET and can be viewed via the Internet. Use the resource link below for more information.
courtesy of cuna.org
N.J. CUs help families send Web greetings to soldier dads
HIGHTSTOWN, New Jersey (6/3/08)--New Jersey credit unions are helping send free online greetings from military children, spouses and families to soldier dads for Father's Day.
The program, Operation Father's Day Salute, invites families into a recording studio to record a 10-minute greeting June 9-13. The greetings will be sent using the studio's encoded high-speed Internet connection.
The soldiers can view and respond to the greetings through instant text messaging, or access the greetings at a later date.
Families can reserve their recording session prior to the event by visiting www.operationbestwishes.com.
Operation Father's Day Salute is sponsored by the New Jersey Credit Union League, with additional support from CU Abstract, CUNA Mutual Group, East Coast Business Lenders, P.W. Campbell and Sprint.
courtesy of cuna.org
The program, Operation Father's Day Salute, invites families into a recording studio to record a 10-minute greeting June 9-13. The greetings will be sent using the studio's encoded high-speed Internet connection.
The soldiers can view and respond to the greetings through instant text messaging, or access the greetings at a later date.
Families can reserve their recording session prior to the event by visiting www.operationbestwishes.com.
Operation Father's Day Salute is sponsored by the New Jersey Credit Union League, with additional support from CU Abstract, CUNA Mutual Group, East Coast Business Lenders, P.W. Campbell and Sprint.
courtesy of cuna.org
Study: CUs ahead of competitors on mobile banking
BOSTON (6/3/08)--Mobile banking in financial institutions is still lagging behind the growing rate of mobile phone use in the U.S. But credit unions are leaders in the mobile banking efforts surfacing so far, according to a new study.
Of the 260 financial institutions studied, 39 institutions--or 15%--provide mobile banking, noted Mercator Advisory Group Inc.'s report, "U.S. Mobile Banking: Sedate Growth, Disruptive Potential." Mercator is based in Boston (Cardline May 30).
The study found that 23% of the largest credit unions have mobile-banking services. That compares with 17% of the largest banks and none of the largest community banks, according to the report.
In 2007, roughly two million Americans were mobile-banking subscribers, fewer than the 3.7 million the Mercator Advisory Group had predicted last year.
The report's author, George Peabody, noted that last year not enough financial institutions offered mobile banking. But he predicted steady growth of mobile-banking users of 33.1 million by 2012.
Poor marketing and lack of consumer awareness about mobile banking may prevent mobile banking from succeeding, Peabody said. Financial institutions aren't promoting their mobile banking on their websites, which would lure Generation Y customers, he said.
courtesy of cuna.org
Of the 260 financial institutions studied, 39 institutions--or 15%--provide mobile banking, noted Mercator Advisory Group Inc.'s report, "U.S. Mobile Banking: Sedate Growth, Disruptive Potential." Mercator is based in Boston (Cardline May 30).
The study found that 23% of the largest credit unions have mobile-banking services. That compares with 17% of the largest banks and none of the largest community banks, according to the report.
In 2007, roughly two million Americans were mobile-banking subscribers, fewer than the 3.7 million the Mercator Advisory Group had predicted last year.
The report's author, George Peabody, noted that last year not enough financial institutions offered mobile banking. But he predicted steady growth of mobile-banking users of 33.1 million by 2012.
Poor marketing and lack of consumer awareness about mobile banking may prevent mobile banking from succeeding, Peabody said. Financial institutions aren't promoting their mobile banking on their websites, which would lure Generation Y customers, he said.
courtesy of cuna.org
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