Cornerstone CU (...rock solid blog)

CU's new elite card deemed one-of-a-kind

2009-07-09T09:45:00.001-06:00

FARMERS BRANCH, Texas (7/9/09)--Texas Dow Employees CU (TDECU) and TNB Card Services have launched a card product, Onyx, which blends revolving and non-revolving credit to offer triple buying power.

The card was designed to compete with elite card brands. Onyx targets members with credit scores of 720 or higher. A cardholder with a $10,000 credit limit can access up to three times the line of credit. The first $10,000 is on a revolving limit, like a traditional card. The remaining balance, or non-revolving credit, is due in full at the end of each billing cycle, said the Texas Credit Union League (LoneStar Leaguer July 8).

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Courtesy of cuna.org

CUs fill void as student-loan lenders retrench

2009-07-09T09:44:00.001-06:00

CHICAGO (7/9/09)--Credit unions' student lending programs have gained the attention of The Chronicle of Higher Education.

With traditional student loans in short supply as lenders retrench through the economy, credit unions are stepping into the opportunity of private student lending, Credit Union National Association Senior Economist Mike Schenk, told the publication (July 10).

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Courtesy of cuna.org

New tax credit eases college tuition burden

2009-07-09T09:43:00.001-06:00

WASHINGTON (7/8/09)--If you want help financing college education, it could be as easy as filing your taxes.

The American Recovery and Reinvestment Act allows for a tax credit--a reduction in your tax bill--of up to $2,500 per student for the cost of tuition, fees and book expenses paid in 2009 and 2010. This amount is an increase over previous Hope and Lifetime Learning Credit limits and applies to tax years 2009 and 2010, so the earliest you'll get the credit is early 2010 for the 2009 tax year (MSN Money June 24).

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Courtesy of cuna.org

Nearly 500 CUs were robbed in 2008

2009-07-09T09:42:00.001-06:00

WASHINGTON (7/8/09)--Nearly 500 U.S. credit unions were robbed in 2008, according to bank crime statistics released Monday by the Federal Bureau of Investigation (FBI).

During last year, 483 credit unions experienced robberies, 121 had burglaries and 28 were victims of larcenies

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Courtesy of cuna.org

Violent acts infrequent in CU robberies

2009-07-09T09:40:00.001-06:00

WASHINGTON (7/8/09)--The run-of-the-mill robbery in financial institutions last year did not involve acts of violence, according to crime statistics released Monday by the Federal Bureau of Investigation (FBI).

Acts of violence were committed in 293 reported incidents--roughly 4% of the 6,849 total robberies, burglaries and larcenies that credit unions and other financial institutions experienced last year.

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Courtesy of cuna.org

MnCUN: CUs must overcome modesty, spread word

2009-07-09T09:38:00.001-06:00

MINNEAPOLIS (7/7/09)--Credit unions can't allow themselves to be a secret that's passed from generation to generation, according to Mark Cummins, CEO of the Minnesota Credit Union Network. Rather, they need to spread the word.

"We want [credit union membership] to be an option for anybody who lives in Minnesota," he told Finance and Commerce (July 3), a Minneapolis-based business publication.

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CUs for Kids had huge impact, report says

2009-07-06T09:50:00.001-06:00

SALT LAKE CITY (7/6/09)--Credit Unions for Kids has issued an impact report showing credit unions' contributions over the years to Children's Miracle Network hospitals.

Credit Unions for Kids ranks third behind Wal-Mart and Costco for corporate giving at Children's Miracle Network. The credit unions raised a record $9.3 million in 2008--a 17% increase over 2007, according to Joe Dearborn, Children's Miracle Network senior director.

More than 170 Children's Miracle Network hospitals benefit from Credit Unions for Kids' contributions, which have increased annually. In 1996, the organization raised $1.5 million. This amount was more than tripled in 2000 with donations of $4.9 million. In 2005, Credit Unions for Kids raised $6.3 million, bringing the total amount of money raised from 1996 to 2008 to about $73 million.

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Courtesy of cuna.org

Protect investments from a Ponzi scheme

2009-07-06T09:49:00.001-06:00

NEW YORK (7/6/09)--Don't let your guard down. Even though Bernard Madoff received a 150-year sentence for a massive Ponzi scheme that bilked investors out of billions of dollars, other investment fraudsters are on the prowl. Look for warning signs to avoid being caught in a similar scheme (CNNMoney June 29).

In a Ponzi scheme, the operator, acting as a financial planner, promises investors steep returns--generally higher than those available through other investments. Instead of investing the funds, the operator uses money from those entering the scheme later to pay purported dividends to the earlier investors. Once the operator can no longer pay out to all investors, the scheme falls apart and victims are left stripped of their investments (FBI.gov).

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Courtesy of cuna.org

Homeowner tips: Control pests, clutter, energy costs

2009-07-06T09:48:00.001-06:00

WASHINGTON (7/2/09)--This Sunday's H&FF Radio show is all about home improvement--from hiring pest control professionals and home improvement contractors, to getting a home inspection and slashing home energy consumption.

Home & Family Finance airs Sundays at 3 p.m. EDT on the Radio America Network. The show also is carried on American Forces Radio Network. The one-hour program devoted to consumer finance issues is brought to you by America's credit unions and their 90 million members, and is presented by CO-OP Network.

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Courtesy of cuna.org

New student-loan refinancing program begins today

2009-07-06T09:46:00.001-06:00

NEW YORK (7/1/09)--There's good news on the student loan front, but the new income-based repayment option isn't the be-all-end-all for all college graduates (CNNMoney.com June 24).

To qualify for the Income-Based Repayment Program (IBRP), you must have a Stafford, Graduate PLUS, or consolidation loan with either the Direct Loan or Federal Family Education Loan (FFEL) programs. Students who carry private student loans or loans taken out by parents to help fund their child's education through the FFEL or Direct Loan parent PLUS Loan programs don't qualify. Also, your total debt must exceed 1.5 times gross income.

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Courtesy of cuna.org

Scammers find lucrative business from funerals, foreclosures

2009-07-01T09:31:00.001-06:00

NEW YORK (6/29/09)--While you're pinching pennies during the recession, scammers keep finding innovative ways to pick your pocket.

The foreclosure mess is turning into a lucrative business for crooks who promise to "help people" avoid foreclosure--for a price (nytimes.com June 21). While there are many legitimate nonprofit agencies providing free, confidential help to borrowers, con artists convince desperate homeowners who are behind on their payments to fork over $1,500, $3,000, or even up to $8,000 in fees for services that typically are free...

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Courtesy of cuna.org

Homebuyer tax credits, charity scams, travel packages

2009-07-01T09:30:00.001-06:00

WASHINGTON (6/26/09)--Guests on Sunday's H&FF Radio offer expert advice about taking advantage of the first-time homebuyer tax credit, steering clear of charity scams, and avoiding travel packages with one too many surprises. And one guest explains how the bar code has transformed consumers' shopping experience.

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Courtesy of cuna.org

Speaker: CUs need strategy for a new world

2009-07-01T09:26:00.003-06:00

BOSTON (6/26/09)--Credit unions should consistently focus on their relationships with members, take advantage of competitors' weaknesses, and not be shy about investing in technology. Mark Sievewright, senior vice president, Fiserv Inc., Brookfield, Wis., told America's Credit Union Conference & Expo Wednesday in Boston. Sievewright, senior vice president, Fiserv Inc., Brookfield, Wis., delivered that message Wednesday at America's Credit Union Conference & Expo in Boston.

Sievewright shared six strategic themes changing the movement today...

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Courtesy of cuna.org

Fed keeps rates the same: cites 'subdued' inflation

2009-07-01T09:25:00.001-06:00

MADISON, Wis. (6/25/09)--The Federal Open Market Committee on Wednesday voted unanimously to keep the target for the federal funds rate at a record-low range of zero to 0.25%. In a statement following the meeting, the Fed said "economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period of time."

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courtesy of cuna.org

2010 will be pivotal, says NCUA's Marquis

2009-07-01T09:16:00.001-06:00

BOSTON (6/25/09)--2010 will be a pivotal year on the credit union regulatory scene, National Credit Union Administration (NCUA) Executive Director David Marquis told a Wednesday morning breakout session on legislative and regulatory issues during the America's Credit Union Conference (ACUC) in Boston.

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courtesy of cuna.org

NCUA covers corporate CU concerns in letter, webinar

2009-06-24T08:40:00.001-06:00

ALEXANDRIA, Va. (6/24/09)--In the "first of many communications" with stakeholders, the National Credit Union Administration (NCUA) in a letter published on Tuesday outlined the "benefits and requirements" of its recently enacted corporate credit union stabilization fund.

The letter also described "the actions taken to implement the legislation" and summarized how those actions will affect the National Credit Union Share Insurance Fund capitalization deposit and future premium assessments.

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courtesy of cuna.org

Top 10 emerging risks for CUs outlined at ACUC

2009-06-24T08:39:00.001-06:00

BOSTON (6/23/09)--Today's fraud landscape is becoming more complex, featuring extensive intertwined risks--some old but with new wrinkles and some emerging at the pace of new technologies. The emerging risks will require credit unions to adopt rigorous, cross-channel fraud monitoring strategies, a CUNA Mutual risk expert said Monday.

Ann Davidson, speaking Monday to a standing room only crowd at the America's Credit Union Conference (ACUC) and Expo in Boston, recommended taking a holistic view of fraud. That means realizing that a particular fraudulent act may not directly or immediately result in a loss but may later manifest itself in another form.

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Mica notes young members are most optimistic

2009-06-24T08:37:00.001-06:00

BOSTON (6/23/09)-- Credit Union National President/CEO Dan Mica welcomed attendees at the America's Credit Union Conference in Boston, saying that despite the tough year for the nation's financial institutions, credit unions can be optimistic. He discussed the optimism of younger consumers--76% of 18 to 29 year olds say their personal financial situation will improve. "That's optimism," he said. The movement projects it will have 100 million members in the next few years. "Young people need it (financial services) and want it. We can stand tall in this."

Credit Union National Association President/CEO Dan Mica welcomed attendees at the America's Credit Union Conference in Boston Monday saying that despite the tough year for the nation's financial institutions, credit unions can be optimistic about the future.

Credit unions' capital is at 10%. "Every other financial institution would love to have 10%," he noted. Banks have regulatory hearings on their backs, shareholders on their backs and more "but we don't have a single group in that situation." Credit unions are No. 1 in trust, he said citing a survey released May 26 by Forrester Research Inc.

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courtesy of cuna.org

Frank advocates expanded powers for CUs

2009-06-24T08:36:00.001-06:00

BOSTON, Mass.(6/23/09)--Credit unions should be given expanded powers, House Financial Services Committee Chairman Barney Frank told Massachusetts Credit Union League members on Monday.

Speaking before a meeting held in conjunction with the Credit Union National Association's America's Credit Union Conference, Frank said that credit unions have not been singled out for negative treatment under financial regulatory reform because they "were zero part of the current financial upheaval."

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courtesy of cuna.org

CREDIT CARD FUNERAL

2009-06-22T10:49:00.005-06:00

Click the link to enjoy a funny little video called The Credit Card Funeral. ABC recently did a story on this video, and very timely! Enjoy!

This is a Credit Card Funeral that Judge Robert Cilley officiated for Pam Young. You may recognize him as the husband of Flylady (aka: Marla Cilley) He did a decent job of officiating the ceremony honoring the slicing and dicing of several credit cards (with much audience participation), followed by a touching grave side service. And although the video is mainly a spoof for fun regarding credit card use, there is much truth to be found about the nature of the credit card.

Flylady hosts a website filled with information and tools to help people "declutter" their homes, finances, lives, offices, and anything else that needs a good cleaning. Her website has tons of ideas, tips, & even products to help the "SHE" (side-tracked home executive.) Flylady's website is http://www.flylady.net/.

Pam Young can help you get out of debt with her new book, The GOOD Book: Get Out Of Debt book. Miss Young's website is http://thegetoutofdebtbook.org/.

This post is strictly for fun but if you find useful information and tools to help you with your finances that's even better!

Cheers!
Tia Davis,
Marketing
Cornerstone Credit Union

New-car tax credit now applies in all states

2009-06-22T09:07:00.002-06:00

BOSTON (6/22/09)--That new-car smell just got better, thanks to legislation that provides tax incentives to new-car buyers.

The U.S. Department of Treasury recently announced that the American Recovery and Reinvestment Act of 2009's new-car tax deduction now extends to consumers in states without a sales or excise tax (boston.com June 17). These states include Alaska, Delaware, Hawaii, Montana, New Hampshire and Oregon.

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courtesy of cuna.org

Syndicated TV show features co-ops, CUs

2009-06-22T09:03:00.001-06:00

MADISON, Wis. (6/22/09)--A short segment about cooperatives and credit unions will run on national television over the next few weeks.

Stacy Johnson, host of a syndicated television program called Money Talks News, just launched the segment that includes Paul Hazen, president/CEO of the National Cooperative Business Association, talking about the nature of cooperatives.

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courtesy of cuna.org

Milwaukee CUs face merger pressures

2009-06-22T09:02:00.001-06:00

MILWAUKEE (6/22/09)--Two suburban Milwaukee credit unions are dealing with regulatory requirements to address undercapitalization. One option is for the two credit unions to merge into healthier credit unions.

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courtesy of cuna.org

Ohio CUs among FIs sued over ATM fee notices

2009-06-22T08:58:00.001-06:00

TOLEDO, Ohio (6/22/09)--An Ohio credit union is among five financial institutions in the state being sued over ATM charges.

Plaintiff Maryann S. Kuzila filed a class-action suit Tuesday in the U.S. District Court of Toledo against Fremont (Ohio) FCU and four banks.

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courtesy of cuna.org

What happens when 401(k) collides with pink slip?

2009-06-22T08:54:00.001-06:00

WASHINGTON (6/19/09)--With the nation's unemployment rate hovering close to 10% coupled with a scarcity of job openings, more workers are experiencing a head-on collision between their 401(k) and job loss. One of this week's H&FF Radio show guests explains what this "head-on crash" means for your retirement plans.

Home & Family Finance airs Sundays at 3 p.m. EDT on the Radio America Network. The show also is carried on American Forces Radio Network. The one-hour program devoted to consumer finance issues is brought to you by America's credit unions and their 90 million members, and is presented by CO-OP Network.

The Credit Union National Association (CUNA) and Radio America are podcasting Home & Family Finance through iTunes, Podcast Alley, Odeo, and other popular podcast library sites, as well as on Radio America and CUNA's websites.

Sunday's show, which you also can hear later via the Internet, features Paul Berry, Washington, D.C., journalist and broadcaster, discussing these topics with special guests:

"Keep Your Credit Card and Personal Information Safe on Vacation," with Lyn Chitow Oakes, chief marketing officer, Trusted ID, Redwood City, Calif.;

"Credit Card Repayment Relief: New Terms Offer Better Options for Consumers," with Gail Cunningham, vice president of public relations, National Foundation for Credit Counseling, Silver Spring, Md.;

"Job Loss and What It Means to Your 401(k)," with Jordan Amin, American Institute of Certified Public Accountants, New York, N.Y.;

"21st Century Transportation for a 21st Century America," with David Goldberg, Transportation for America, Washington, D.C.; and

Listener Q & A.

Home & Family Finance is a resource center for personal finance information at CUNA. The radio show is sponsored by CO-OP Network, the national credit union ATM network; Cabot Creamery Cooperative, maker of award-winning cheddar; Western Corporate FCU, also known as WesCorp, and its member credit unions; and the Defense Credit Union Council and member credit unions, serving those who serve our country worldwide.

For more information, read "Job-Hunting Tactics for This Recession" in Plan It: Retire Ready Toolkit.

courtesy of cuna.org