NFCC Reports Number Of Those Seeking Assistance Has Doubled
SILVER SPRING, Md.-The economy's shaky position has made American consumers look for a helping hand to higher ground as the number of people seeking assistance from the National Foundation for Credit Counseling has more than doubled in the last two years. NFCC member agencies helped 1.48 million in 2006, but that number jumped to 3.2 million last year. Counseling related to housing increased by 244% in over the last two years - bankruptcy sessions leaped by 110%. The average person seeking help was a married white woman between the ages of 35-44, but the largest growth was with Hispanics who saw service delivery to their group increase by more than 100%.
Potential Members Are Embracing Electronic Bill Payment Technology
MADISON, Wis.-Potential credit union members are embracing Internet banking and bill pay technology much more than they did just a few years ago. According to a CUNA survey, 68% of non-members and 62% of online bill payment users reported an increase in use in the past three years, and 59% of debit/check card users make more purchases with the plastic than they did three years ago as well. The companion report to the survey details trends involving members' use of financial services, strategies to grow business and increase loyalty, and breaks down member demographics.
For info: advice.cuna.org
NCUA Works To Ensure Corporate Problems Won't Nix Low-Income CUs
PHOENIX, Ariz.-There is a future for low-income credit unions and the NCUA is working to ensure community development cooperatives are not wiped out by the corporate stabilization plan, board member Gigi Hyland told the Federation of Community Development CUs.
In an interview taped for the Federation's annual meeting, Hyland said there is flexibility in how net worth restoration plans are crafted, especially for low-income CUs that are being hit hard by the corporate assessment and examiners will take that into consideration when ordering CUs to get back to appropriate capital levels. She said the association is making great efforts to explain the "uniqueness" of community development FIs to examiners so examiners do not treat them unfairly.
SECU of Baltimore Earmarks $2M In Funds For SBA Loan Program
BALTIMORE, Md.-SECU is committing $2 million specifically to SBA loans to help small businesses in Maryland communities develop and prosper. The initiative is in conjunction with the United States Small Business Administration's enhanced lending programs. This initiative by SECU includes: designating the $2-million block of funds that is earmarked only for SBA lending, joining a consortium of credit unions who have more than $50 million for SBA Lending, and creating easy methods for an SBA loan online or by telephone.
For info: www.secumd.org
NEFE: CUs Bring Financial Literacy Training To 5.4 Million HS Students
MADISON, Wis.-The National Endowment for Financial Education (NEFE) reports that in just under a decade, the credit union movement has helped nearly 5.4 million high school students receive financial literacy training through its support of NEFE.
Since the initial agreement between CUNA and NEFE took effect during the 1999-2000 school year, the America's Credit Union logo has been prominently displayed on the program's financial planning materials, which have been distributed to 5,373,000 students nationwide. CUNA, with help from CO-OPp Financial Services, has provided monetary support for the continued distribution of these free materials. Additionally, credit unions and leagues have personally worked with NEFE to bring the HSFPP to more than 600,000 students since the 2000-2001 academic year - the first year CUNA began tracking CUs' participation.
NYIB Annual Mtg Features Curriculum For 'Biz Kid$'
TEMPE, Ariz.-The National Youth Involvement Board (NYIB) will hold its annual meeting here Aug. 3-6 with a full agenda, including Heidi Knudson, business development officer at Altana FCU in Billings, Mont., who will share insights on the curriculum that accompanies the Emmy-nominated "Biz Kid$" financial education TV program. Knudson has applied lessons from the companion curriculum in Montana middle school classrooms. Other sessions include "Mareting to the Dot Com Generation;" "Teens in Control: The Keys to a Fear-Free Student-Run Branch;" "Cooperative Social Responsibility: A New Youth Marketing Tool?," and more.
For info: www.nyib.org and www.bizkids.com
3 Students Receive Calif./Nev. Youth Involvement Network Scholarships
RANCHO CUCAMONGA, Calif.-The California and Nevada Youth Involvement Network, supported by the two state leagues, has awarded $500 scholarships to three high school and college students. Amy Cook, Kara Nicholls and Amber Perez each received a scholarship for their essays on the topic, "What are the advantages of credit union membership in the current economic conditions?" "The winning entries this year provided a glimpse on how credit unions have provided a safe economic haven for young people and their families, despite these tough economic times," said Michael Lee, CNYIN board chairman and education manager with The Golden 1 CU, Sacramento, Calif.
