Monday, May 23, 2022

Play

Pennsylvania tries to land a regional hydrogen hub, a new study confirms college grads are twice as likely to get good jobs, and a U.S. military plane flies 35 tons of baby formula from Germany to Indianapolis.

Play

Operation Fly Formula's first shipment arrives, worries of global food shortages grow, President Biden is concerned about a monkeypox outbreak, and a poll says Americans support the Title 42 border policy.

Play

From off-Broadway to West Virginia: the stories of the deadly Upper Big Branch mine explosion, baby formula is on its way back to grocery shelves, and federal funds will combat consolidation in meatpacking.

Credit Unions Set Themselves Up as Alternatives to Big Banks

Play

Thursday, October 20, 2016   

SPOKANE, Wash. -- Thursday is International Credit Union Day, and the case for these kinds of institutions has grown stronger with customers as scandal continues to rock one of the country's biggest banks.

Credit unions have become the alternative to big-name financial institutions for nearly half of Washingtonians and six million members in the Northwest. Troy Stang, president and CEO of the Northwest Credit Union Association, said the member-owned, not-for-profit structure of credit unions gives them an advantage over other financial institutions.

"You don't have to look too far to understand credit unions are accountable right to the member that they serve,” Stang said; "not to Wall Street, not to profit-hungry stockholders, but rather the consumer that they're serving, that's walking in their doors, coming into their online channels day in and day out."

Last week, Wells Fargo CEO John Stumpf stepped down in response to a scandal in which it was revealed that bank staff had met sales quotas by opening new accounts without customers' knowledge. Regulators have fined the bank $185 million and many cities and states have decided to no long do business with them.

To celebrate International Credit Union Day, 19 area credit unions will come together in Spokane to build a children's playground.

Traci McGlathery, community relations manager with the Spokane credit union STCU, said her institution supports other nonprofits as well.

"We give back in giving to nonprofits and other causes of our time because we want to, not because we're compelled to,” McGlathery said, “because we don't receive a tax benefit from those donations."

Stang said that credit unions reach out to the community as a part of their mission, sometimes by providing financial literacy education that could potentially help avoid the next financial disaster.

"I always wonder if everybody in our country had a good understanding of astute financial behavior, starting with their own wallet, would our nation have experienced the most recent recession that we did?” he said. "And we're taking that responsibility seriously."

Federal Reserve chair Janet Yellen has promised to implement greater scrutiny of big banks and to remove some of the regulatory red tape credit unions and community banks face.



get more stories like this via email

Around 17% of bachelor's degrees awarded to Black students nationwide come from Historically Black Colleges and Universities, and research shows HBCUs boost economic mobility and generational wealth.(Adobe Stock)

Social Issues

One of North Carolina's oldest Historically Black Colleges and Universities is finding new ways to help students stay enrolled and graduate. Recent …


Social Issues

A new survey finds 8 in 10 Kentucky parents say afterschool programs could help their child combat social and mental-health struggles by reducing unpr…

Environment

A technology that once existed only in science fiction soon could emerge as a viable solution to climate change. The city of Flagstaff has added …


Environment

Minnesota has more than 10,000 brownfield sites, which are abandoned or idled properties in need of contamination removal. State officials will soon …

Georgetown researchers found that Black American women are the most likely to have to turn to student loans for college, and hold the most student loan debt, compared with their peers. (Adobe Stock)

Social Issues

By age 35, workers with a bachelor's degree or higher are about twice as likely as workers with just a high school diploma to have a good job - one …

Environment

The mayor of Huntington, where more than 200 homes were recently damaged by severe flooding, said now is the state's "one chance" to prevent other …

Social Issues

Alzheimer's disease is one of the leading causes of death in North Dakota, prompting state officials to launch an online dashboard, where the public …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021