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.
Due to the Christmas and New Year's holidays, this is the last edition of In the Media for 2015. It will resume the first week of January 2016. In the meantime, we wish you and your loved ones a wonderful holiday!
Indiana Credit Unions in the Media
Source: Credit union submissions and Internet news reports. Some stories may require passwords for access.
League Director/INOVA FCU President/CEO Dallas Bergl is a representative for the regional development authority and said the group will meet within the next month or so to look ahead at the next steps.
Marion-Grant County Chamber of Commerce - 12/14/2015
The credit union and Kids in Need Foundation awarded six grants totaling over $2,000. President/CEO Dave Abernathy delivered the checks and comments in this story.
CUNA Senior Economist Perc Pineda predicts an interest rate hike as high as 1.75 by next year. On Dec. 16, the Federal Reserve announced its plan to increase interest rates by a quarter percent.
Perc Pineda offers advice to those seeking a loan who may have a poor credit score. "A co-signer could be required or a personal loan could be a secured type of loan as opposed to an unsecured loan," explains Pineda. It's important to remember the co-signer is fully responsible for the repayment and any late payments associated with the loan.
CUNA senior economist Mike Schenk explains the history of the CD marketplace. At its peak in 2009, American credit union consumers had $239 billion saved in CDs. Since 2009, there has been an 18% drop. "Your're basically paying the bank to hold your money," explains Schenk.
Credit unions and banks may seem similar; however, it's their fundamental structure and purpose that set the financial institutions apart. Credit unions are not-for-profit financial institutions that have members, not shareholders, where profits are returned directly to members. Another key difference is the common bond of membership that exists at a credit union. The common bond can refer to the same employer, industry or location of residence. With almost 102.3 million credit union members in America already, joining a credit union is easier than you think. CUNA reports if you live in a reasonably populated area you're in at least one credit union's "field of membership."
Credit unions are increasingly more attractive to millennials because these not-for-profit institutions are everything big banks are not.
Keep up with information from the League
Messages that the League sends to Managers/CEOs at affiliated credit unions are archived on theLeague's website(password protected), and they are shared in the weekly League Link email, which is sent to affiliates on Fridays. Send your contact information to Kay Neidlingerif you want to receive League Link, or check the website to keep up with the latest information from the Indiana Credit Union League.
