WASHINGTON - Pay better rates or offer lower loan APRs than your competitors? A nationwide program is planned to help credit unions back up that boast.
Called the Great Rate Awards, CUNA plans to join with DataTrac to recognize credit unions that offer a rate advantage in their markets and are looking for a way to better highlight that difference. The Award is designed to be a certification that the interest rate on a CU’s deposit or lending product has outperformed the local market average during a quarterly or annual period.
“It will be like a Lipper or a Morningstar for credit unions,” said DataTrac President Ken Wanek, referring to the mutual fund rating services. “Over 90% of credit unions have at least one product outperforming the market.”
