The National Credit Union Foundation said it needs at least another $100,000 to meet the requests for financial help from credit union people affected by the devastating flooding last month in Colorado.
The online CUAid effort
has raised more than $200,000 since it was launched two weeks ago
, the foundation said, but only has the funds to meet about 40% of what’s been sought, the foundation said Monday afternoon. Read MoreCUAid: Need $100K More For Colorado CU Members' Flood Relief
Colorado credit union members, volunteers and staff affected by recent flooding in that state have requested more than $200,000 in disaster relief, which means at least $100,000 still needs to be collected through CUAid.coop, the online disaster relief system. Read More
Don't let Bank of America kill the credit union! ~Fighting for people over profits
Bad feelings over the bailouts and extraordinary bank fees have driven millions of Americans into the arms of local credit unions. But instead of luring them back with better customer service, Big Banks are using their lobbying might to kill off credit unions, attempting to destroy a crucial tax exemption that credit unions need to survive. Read More
Big Banks Start Campaign to Destroy Credit Unions
The Move Your Money project was born out of the Occupy Wall Street movement, which began in September 2011. The impetus was the announcement by Bank of America that they were going to impose a $5 dollar monthly fee for debit card users. On November 5, 2011, customers were to close their accounts at major banks and open new ones in community banks or in credit unions. Already infuriated by Wall Street’s recklessness leading to the 2008 financial collapse, the idea caught on like wildfire across the nation. Read More
GOP Chairman Vows to Lift 'yoke of Dodd-Frank' From Credit Unions
House Financial Services Committee Chairman Jeb Hensarling pledged Tuesday to use his gavel to push back against a flurry of Dodd-Frank Act regulations he warned would stifle the nation’s financial sector.
“If I had the votes today, I would repeal Dodd-Frank,” the Texas Republican said. "I want to take the yoke of Dodd-Frank from your back.” Read More
Anti-Credit Union Campaign In The Works: Advocacy Strength Is Key To Repel Bank Attacks
In an apparent direct response to credit unions' successful grassroots social media blitz spreading the message "Don't Tax My Credit Union," a major banking trade association has launched a similar looking but rampantly anti-credit union campaign. Read More
Banks Beat Credit Unions in Phone Service, Survey Finds
Credit unions have tried to cultivate an image as kinder, gentler versions of banks, but when it comes to answering their phones, their rivals have them beat.
Banks do a better job of answering their phones on the first ring than credit unions, and, when they don't, the median hold time is less at banks, according to a study released Monday by Lake Bluff-based Moebs Services. Read MoreMore credit union survey findings: Pew Survey: Half Of U.S. Adults Bank OnlineTemkin Survey: CUs Continue High Scores In All Areas
Invitation for Public Comment on Voting System Requirements For a Uniform Voting System in Colorado
Secretary of State Scott Gessler is moving Colorado to a statewide Uniform Voting System. Under a uniform system, all Colorado voters will have the same voting experience on the same voting equipment. The processes for issuing, casting and counting votes will be uniform throughout the state. Read More
Connecting With Rural Colorado
A recently hatched plan to change how seats in the legislature are apportioned in an effort to give rural Coloradans more power is unrealistic and almost certain to further frustrate those disenchanted by what has been going on under the gold dome in Denver. Read More
Supreme Court's May Not Be Last Word On Arbitration
The Supreme Court last week ruled in favor of giving financial services companies the right to include mandatory arbitration clauses in contracts with customers. The high court is set to discuss another case this Fall with potential ramifications for the Consumer Financial Protection Bureau and credit unions: A case addressing the constitutionality of President Barack Obama's recess appointments. Read More
Credit Unions Back Regulatory Overhaul
The National Association of Federal Credit Unions (NAFCU) is throwing its support behind Senate legislation requiring independent agencies to measure the costs of proposed regulations before they are enacted.
Existing rules require executive branch agencies to weigh the benefits of major proposed regulations against the expense of enacting them. But independent agencies — including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Consumer Financial Protection Bureau (CFPB) — are exempt from the requirement. Read More
Credit Unions in Auto Loan Fast Lane as Banks Stall
When it comes to the amount of auto loans they’ve recently originated, some banks have apparently stalled out.
According to data from tracking firm SNL Financial, the top 100 lenders increased their total auto loans by just 0.64% over the fourth quarter of 2012. Among these, the top 16 lenders didn’t budge from their spots compared to a quarter earlier. Read More
Opening today's House subcommittee hearing on "Examining How the Dodd-Frank Act Hampers Home Ownership," Rep. Shelly Moore Capito (R-W.Va.) said it could be the very consumers that are meant to be protected by the Consumer Financial Protection Bureau's Abilty-to-Repay mortgage rule that could be harmed by unintended consequences of the rule. READ MORE
Credit Union National Association witness Jerry Reed this morning detailed credit union concerns with the Consumer Financial Protection Bureau's ability-to-repay and qualified mortgage (QM) rules. Reed, who is chief lending officer at Alaska USA FCU, said credit unions commend the CFPB for listening to their concerns and for incorporating many of their concerns into amendments to the mortgage rules, but he underscored that credit unions continue to have serious apprehensions about how the QM rule will be implemented and believe that it could have the unintended effect of reducing credit union members' access to credit. READ MORE
Credit Union Growth Leads Industry Recovery
Proof that bank bailouts and rising fees have worn thin on consumer patience is evident in the latest figures recently released by the National Credit Union Administration (NCUA).
NCUA announced that first quarter growth increased at the fastest pace in five years with memberships climbing by over 800,000. Read More
Let Credit Unions Continue to Serve Americans | Commentary
Banking industry lobbyists have become increasingly vocal in their attacks on credit unions. Banks have been demanding a repeal of the credit unions tax status, railing against credit unions for filling a void in the market for member business lending, and opposing regulatory reform measures that would grant qualified credit unions access to supplemental capital and improve the safety and soundness of the credit union system.
Credit unions need to set the record straight.
The banking industry is unhappy because consumers and small businesses are increasingly choosing credit unions as a source of affordable credit and affordable retail banking services. Read More