This collection of positive news about credit unions and their activities is assembled from a variety of sources on the Internet and from credit union submissions. Note: links used here are external and the League does not control their expiration dates.
To share news from your Indiana credit union: send story links to Kay Neidlinger. You can also read more about credit union's community service efforts--and contribute information at the Commitment to Change website
Indiana Credit Unions in the Media
Source: Credit union submissions and Internet news reports. Some stories may require passwords for access.
Indianapolis Recorder - by Victoria T. Davis 4/16/2015
Evansville Teachers FCU received third-place honors for Overall Debit Card Campaign in the 2015 Card Marketing Awards, a national competition sponsored by Card Services for Credit Unions (CSCU).
National and Wide-Reaching Coverage
Source: Credit Union National Association and other national sources. Some stories may require passwords for access.
CUNA's Bill Hampel says: "People typically underestimate the likelihood of getting a [home] loan. There's no question that it's harder today to get a loan than it was 12 years ago, but it's a little bit easier than it was three years ago." Hampel goes on to explain how portfolio loans offer flexibility.
CUNA's Jim Nussle criticizes the delay in the Target, MasterCard settlement. "It is about time that Target steps up to its responsibilities in this breach," Nussle says. "And it is long overdue for merchants to start living up to their responsibilities in protecting customers' sensitive information by adopting higher security standards."
When they do take the plunge and try to buy a house, millennials are especially cautious and particularly distrustful of banks. CUNA notes that last year credit unions grew their membership by 3%. Of those roughly 3 million members, about two-thirds were Millennials. While CUNA's Mike Schenk says that credit unions are a bit more flexible in their underwriting than banks and avoided the mortgages that gave banks fits during the housing crisis, he says millennials have been choosing credit unions for mortgages largely because they're looking at the bigger picture.
The difference between a credit card from a credit union and one from a retailer or bank is often the interest rate. Credit unions have an average APR of 8.87%, compared to the 10.36% average APR of platinum cards issued by banks. "On a $10,000 balance, for example, a consumer would save $150 per year for having a card at a credit union," said CUNA's Mike Schenk. "I think the main thing is if you're in the market for a credit card, do a little shopping," Schenk said, "[and] include a credit union in those shopping plans."
A bill to reform mortgage industry regulations was approved by the House of Representatives. The Mortgage Choice Act was supported by CUNA along with a number of housing and financial trade groups because the legislation would improve access to credit and qualified mortgages for low- and moderate-income borrowers while protecting consumers from bad loans.
In addition to the traditional savings account, another option is a money market account, says CUNA's Michelle Dosher. "Some money market accounts have a limited number of withdrawals allowed monthly," she says. It's a good feature for those who fear they'll raid reserves for impulse buys.
