Banks turn to Nebraska lawmakers in fight with credit unions
LINCOLN, Neb. (AP) — A national fight between for-profit banks and nonprofit credit unions is spilling into Nebraska, and state lawmakers could get caught in the middle.
Settlement in lawsuit over improperly raised premiums
RAPID CITY, S.D. (AP) — Black Hills Federal Credit Union and a Wisconsin-based insurance company have agreed to pay $3 million to settle a class-action lawsuit claiming they improperly raised insurance premiums on thousands of loans.
A judge is expected to consider the proposed settlement later this month. The agreement would resolve the eight-year-old lawsuit initially filed by a Rapid City couple.
Wisconsin credit union sees increasing popularity
JANESVILLE, Wis. (AP) — Blackhawk Community Credit Union's East Milwaukee Street branch lobby buzzed with customer activity on a recent Friday afternoon, so much so that several customers waited their turn by taking a pit stop for a cup of hot coffee and a cookie in the building's lounge.
Proposed credit union wants to lend to farmers
BANGOR, Maine (AP) — The founders of a proposed credit union that would only lend to farmers and food entrepreneurs say it's raised $2.4 million.
The Bangor Daily News reports that Maine's congressional delegation is supporting Maine Harvest Credit Project's bid to become a chartered credit union.
Beware the line: Express DMV center to open
MILFORD, Conn. (AP) — You might not have to wait several hours to renew your license in Connecticut. An express DMV center is opening in Milford, designed to streamline customer transactions.
Democratic Gov. Dannel P. Malloy says the center will open Thursday at the Nutmeg State Financial Credit Union as a part of a public-private partnership.
JACKSON, Miss. (AP) — A Mississippi-based credit union and associated loan fund have been named the winner of The Wall Street Journal's financial inclusion challenge.
Hope Enterprise Corp. and Hope Credit Union announced the win last week.
Construction is underway on the expansion of Nusenda Credit Union's corporate headquarters in Northeast Albuquerque. (COURTESY OF ENTERPRISE BUILDERS)
Construction is under way on the expansion of Nusenda Credit Union's administrative offices in Northeast Albuquerque to accommodate growth in the financial institution's membership and employment.
Illinois high school to start on-campus credit union
ROCKFORD, Ill. (AP) — High school students in northern Illinois will soon have the opportunity to work at a credit union inside their school.
Rockford Bell Credit Union will open a branch inside Guilford High School this fall, the Rockford Register Star reported .
Fort Community Credit Union has announced that it will be adding a new branch in Watertown in 2018.
The new branch, which will be located at 631 S. Church St. has yet to set a grand opening date
Representatives of FCCU said the credit union will be able to better serve its existing membership base by having a physical presence in the Watertown area while providing comprehensive financial offerings to consumers and businesses alike.
For much of our nation’s history, community banks and credit unions, which are typically locally owned and operated, have helped rural America grow. Unlike the national conglomerates, these smaller institutions usually focus on the needs of the families and small businesses. Those living in our communities determine the decisions to lend. Employees know their customers because they are their neighbors and friends. They understand what local businesses, farms, and families need from their financial institutions.
Correction: Congress-Banking-Mortgage Data story
WASHINGTON (AP) — In a story March 12 about a provision in a Senate bill that would exempt many U.S. banks from reporting requirements for mortage data, The Associated Press reported erroneously that the data that would be exempt included the loan applicant's race and sex. Under the proposal, that information would continue to be reported, but other data such as the borrower's age and credit score would not.
UW Credit Union plans to build a branch in Fitchburg on a site next to 2875 Fish Hatchery Road.
It will be the Madison credit union's second Fitchburg location. The other, at 6331 McKee Road near the Target store, opened in 2009.
If approved by city officials in Fitchburg, the new UW Credit Union branch will open in the summer of 2019.
Northwest Community Credit Union announced Tuesday it plans to close the North Roseburg and South Medford branches on March 16.
Melissa Vigil, chief operating officer for Northwest Community Credit Union, said these are two under-performing locations.
Two Madison area credit unions have opened new branches.
Summit Credit Union has opened a branch in the Shorewood Shopping Center, 3258 University Ave.
It is open 8:30 a.m. to 5 p.m., Monday through Thursday; 8:30 a.m. to 6 p.m., Friday, and 9 a.m. to noon on Saturday.
The new location replaces the Hill Farms branch in the Wisconsin Department of Transportation building, 4802 Sheboygan Ave., which is being redeveloped.
Summit Credit Union has 34 branches and $2.8 billion in assets.
2 credit union banks in Maine seek to merge businesses
SANFORD, Maine (AP) — Two credit union banks in Maine say they intend to merge, citing the interests of their members.
Iowa banks launch campaign against credit unions
DES MOINES, Iowa (AP) — Iowa bankers have launched an advertising campaign calling for an end to credit unions' nonprofit status, which they say gives an unfair competitive advantage.
The move comes as Iowa's credit unions increase their market share.
- Post-BulletinSave money, win a prize? Banks try to entice customers with lottery-like gamesMay 13, 2019
- Mohave Valley Daily NewsLooking to change banks? There's a lot to considerMay 9, 2019
- Houston ChronicleCredit Union, Katy ISD host Teacher of the Year luncheon on April 18April 14, 2019
- The SunJeanne D'Arc Teaching Students Financial LiteracyMarch 24, 2019
STRATFORD — Five graduating high school seniors will each be awarded $1,000 scholarships from the Sikorsky Credit Union.
Students who apply for the credit union’s Thomas J. Williams Scholarship program will be required to submit an essay.
STERLING – Sterling’s newest banking option is up and running.
1st Gateway Credit Union opened Dec. 11 in the former, and completely remodeled, Razor Replay building at 2536 E. Lincolnway.
The Camanche, Iowa-based full-service credit union also has branches at 204 E. Main St. in Morrison, 415 10th Ave. in Fulton, and in Clinton and DeWitt, Iowa.
Jones joins CVCU as Senior Mortgage Lending Officer
Katie Jones, a native of Cartersville, has accepted the position of Senior Mortgage Lending Officer at Coosa Valley Credit Union.
Jones is a 2012 Graduate of Cartersville High School as well as a 2016 graduate of Kennesaw State University with a Bachelor’s Degree in Business Marketing. She comes to Coosa Valley from Guild Mortgage in Cartersville.
She is married to Chase Jones and they reside in Cartersville.
As the housing market heats up again, small lenders are looking for a bigger piece of the action.
As a result, borrowers are finding products that provide support from the beginning of the home-buying process to the end.
Cullin Brinegar took advantage of a loan program offered by ProFed Federal Credit Union. The 23-year-old concrete quality inspector did his homework, looking for options that help first-time homebuyers. Some online sources mentioned credit unions.
La PORTE COUNTY — True to its name, La Porte Community Federal Credit Union focuses on serving the community of La Porte County as this year it celebrates its 80th anniversary and moves forward with expansions.
Lawsuit challenges Trump’s financial bureau appointment
NEW YORK (AP) — A federal credit union in New York City has sued President Donald Trump, saying his acting director of the Consumer Financial Protection Bureau is "trying to minimize its existence."
The Lower East Side People's Federal Credit Union lawsuit was filed Tuesday in Manhattan federal court. It says the bureau created in 2010 after the 2008 financial crisis is an independent watchdog to protect consumers of the U.S. financial services industry.
Senate panel votes to roll back some Dodd-Frank requirements
WASHINGTON (AP) — A Senate panel on Tuesday approved legislation that would provide banks and credit unions with relief from some of the stricter regulatory requirements put in place after the 2008 financial crisis.
The bill, which was approved by a 16-7 vote, raises the threshold at which bank holding companies are considered too big to fail, thus subjecting them to financial stress tests and a capital-planning review. The threshold would increase from $50 billion to $250 billion.
Denver credit union continues marijuana banking crusade
DENVER (AP) — A Colorado credit union — once on the cusp of revolutionizing banking for marijuana businesses before being thwarted by the Federal Reserve Bank of Kansas City — has resumed its quest to open.
But going into the new year, The Fourth Corner Credit Union — a state-chartered credit union in Denver — again finds itself in a courtroom battle with the Kansas City Fed for the ability to open and serve marijuana businesses.
Guest opinion: Tester puts Montana Main Street first
With the partisan divide appearing wider than ever, Sen. Jon Tester is working to rise above it all by joining his colleagues to release a common-sense regulatory reform package focused on making a better environment for small Main Street financial institutions like credit unions.
- Business WireDesert Financial Credit Union Awards a Record $47,500 in College Scholarships to 15 Arizona High School StudentsMay 17, 2019
- Business WireAmerican National Bank Recognized by DepositAccounts.com in 2019 Top 200 Healthiest Banks in AmericaMay 16, 2019
- Business WireNCR Digital Banking Transforms Customer Experience for SAFE Credit UnionMay 16, 2019
Sharonview Credit Union celebrates office relocation in Florence
FLORENCE, S.C. – Sharonview Federal Credit Union held a ribbon cutting Thursday afternoon to celebrate the relocation of its Florence branch to 1921 W. Palmetto St.
Credit unions partner with local high schools for education, hands-on experience
When you first walk into the Summit Credit Union at La Follette High School, it strikes you how it looks like a typical branch because of the way it was constructed and is separated from the school office next door.
Then you see the three brightly-colored bean bag chairs lining a wall and you know you are not in just any branch. A gaming system for students to use when they visit also is in the plans.
Public banks offer hope for marijuana businesses
DENVER (AP) — With most private institutions and credit unions still avoiding the legal cannabis industry, many marijuana businesses remain without bank accounts.
But one idea is gaining acceptance among marijuana entrepreneurs and a growing number of cities and states: the formation of public banks to serve the cannabis industry.
The problem? It'll be a while before any open their doors.
Road construction and changes are spurring a Rochester credit union to close a northwest brand in December.
First Alliance Credit Union announced this week that it plans to close its northwest branch at 3900 Fairway Place NW, just off 55th Street Northwest. It will close for good on Dec. 29.
Family atmosphere extends to customers at Shell Federal Credit Union
The employees at Shell Federal Credit Union gather before staff meetings to play a game. Upbeat music energizes the room as they bop balls in the air to each other, often diving or kicking to keep them from touching the ground.
The goal is to have fun and create positive energy among the staff, president and CEO Jose Rodriguez said.
SYCAMORE – Illinois Community Credit Union is holding an open house Thursday to celebrate moving to its new facility.
After a year of construction, its new headquarters opens on the site of the old one at 508 W. State St.
The old building, where the credit union had operated since the 1970s, was an old service station, CEO Thor Dolan said. During the spring thaw, he said employees could smell gas fumes from the soil. The new building has an improved feel.
There are alternatives to payday loans and other predatory lending
Millions of individuals and families in the United States live paycheck to paycheck and must take short-term loans in order to survive.
About 10 million to 12 million people depend on payday loans. Most traditional financial institutions are not very interested in low-income borrowers and accordingly do not now offer loans to satisfy their needs.
Altra Federal Credit Union hopes to break ground on a new northwest branch yet this fall.
The La Crosse, Wis.-based credit union plans to build a 7,400-square-foot branch office on the open southwest corner at West Circle Drive and 19th Street Northwest. Altra already has a Rochester branch at 123 16th Ave. SW.
UW Credit Union plans to add a branch in southeastern Wisconsin
UW Credit Union will open a branch in New Berlin in spring 2018. It will be the Madison-based credit union's seventh Milwaukee-area location and the 25th branch statewide.
"We are excited to continue to increase our convenience to our growing membership," said president and CEO Paul Kundert.
UW Credit Union is the fourth-largest credit union with headquarters in Wisconsin, with $2.5 billion in assets as of June 30, more than 234,000 members and more than 500 employees.
When Fort Community Credit Union opened its building on Madison Avenue in Fort Atkinson in 1986, the look was then state of the art for a bank.
The credit union couldn’t be blamed that 30 years down the line, a remodel was greatly needed. Now, close to a year after beginning the makeover process, FCCU is ready to celebrate the finished product.
On November 27, 1959, the DuPont Company, which managed the Savannah River Plant at the time, sent a questionnaire to each employee asking if there was interest in forming a credit union. Dupont officials received 5,465 replies to the questionnaires and it revealed that over 75 percent would be interested.
Wisconsin credit union launches class action against Equifax
MADISON, Wis. (AP) — A Wisconsin credit union is suing the credit reporting agency Equifax over a data breach that allowed hackers to access the personal information of an estimated 143 million Americans.
Madison-based Summit Credit Union says it and other credit unions are incurring large costs because of the breach.
The lawsuit was filed this month in federal court in Atlanta, where Equifax is based. It seeks class-action status on behalf of more than 5,700 credit unions.
State moves $15 million into banks for small business loans
PROVIDENCE, R.I. (AP) — Rhode Island's treasurer says the state has moved $15 million into eight banks and credit unions to encourage lending to small businesses.
The Providence Journal reports (http://bit.ly/2uLE5oy ) the deposit is part of General Treasurer Seth Magaziner's BankLocal program launched in December.
The program matches small business loans with deposits from state agencies. Loans can go up to $250,000 for businesses with 100 employees or fewer.
GREENWICH — Saira Lopez moved to the United States in 1998 from Colombia, and three years ago decided to do something about her struggle to manage bills and car expenses on a low income.
Today she has purchased her car and has her own apartment, she said, and thanks the Members Credit Union for its bilingual financial help.
MICHIGAN CITY — After 55 years, Members Advantage Credit Union still stays true to its name.
“We always try to put ourselves in our members’ shoes and consider how we would like to be treated,” President Frank Beachnau said.
Family Savings Credit Union will host a grand opening celebration for its new Calhoun branch on Tuesday, Aug. 8, 2017. In addition, the Gordon County Chamber of Commerce will host a ribbon cutting ceremony during the event at 11 a.m.
Guests who attend the ribbon cutting will enjoy light refreshments as well as a chance to win door prizes. Door prizes include a Yeti cooler and cash prizes.
NEW YORK (AP) — Ride-hailing apps such as Uber and Lyft have been so disruptive to New York City's taxi industry, they are causing lenders to fail.
Three New York-based credit unions that specialized in loaning money against taxi cab medallions, the hard-to-get licenses that allow the city's traditional cab fleet to operate, have been placed into conservatorship as the value of those medallions has plummeted.
DEVILS LAKE, N.D. (AP) — The federal agency that oversees credit unions has taken over management of a troubled credit union in northeast North Dakota.
The National Credit Union Administration has placed Citizens Community Credit Union in Devils Lake into conservatorship, the Devils Lake Journal (http://bit.ly/2uhCIck ) reported.
State Employees Credit Union opens Mortgage Center
The State Employees Credit Union will hold a ribbon-cutting to celebrate the opening of its new Mortgage Center at 4 p.m. Friday, June 13, at 811 St. Michael’s Drive.
The newly designed 3,000-square-foot space and dedicated staff allow the credit union to ramp up its ability to provide real estate services. The Mortgage Center initially will house nine employees.
USAA seeks licensing fee from banks for electronic deposit technology
Officials at financial services giant USAA say their company developed the technology used by banks across the world to allow customers to deposit checks electronically, and it’s about time other institutions “pay their fair share.”
The San Antonio company is reaching out to banks and credit unions across the country offering a “licensing program” to pay for patented technology surrounding “remote deposit capture” capabilities it developed in 2006.
Home buyers with little money for a down payment are finding more home loans available for a low down payment or even no down payment.
The Federal Housing Administration insures loans with small down payments, and private mortgage insurers have relaxed their down-payment requirements. It's even possible to get a mortgage today with no money down.