skip to main content

Friday, June 2, 2023

play newscast audioPlay

A Wisconsin group criticizes two of its members of Congress, a new report says the Phoenix area cannot meet its groundwater demands, and Nevada's sporting community sends its priorities to the governor.

play newscast audioPlay

The Senate aims to get the debt limit spending bill to President Biden's desk quickly, Florida Gov. Ron DeSantis makes a campaign stop in Iowa, and a new survey finds most straight adults support LGBTQ+ rights.

play newscast audioPlay

Oregon may expand food stamp eligibility to some undocumented households, rural areas have a new method of accessing money for roads and bridges, and Tennessee's new online tool helps keep track of cemetery locations.

Uncertain Banking Market Puts Local Institutions in Spotlight

play audio
Play

Friday, March 17, 2023   

The collapse of two banks has put the U.S. financial sector into focus this week.

Some are considering the alternative structures of institutions like credit unions. Troy Stang is the president and CEO of the GoWest Credit Union Association, which represents more than 300 credit unions in Wyoming and five other states.

He said tumult in the financial market historically generates interest in the local structure of credit unions.

"Whether it was with the dot-com bust, whether it was with the activities that led up to the Great Recession," said Stang, "consumers at their kitchen tables started having these conversations more intentionally about who is it that we do our financial services with?"

Silicon Valley Bank's collapse is the second largest bank collapse in U.S. history. To get depositors their money, the Federal Deposit Insurance Corporation has stepped in.

Stang noted that the National Share Insurance Fund administered by the National Credit Union Administration is the equivalent regulator for his institutions and is paid for by the credit union system.

Stang said credit union are not-for-profit and member owned.

"We're not accountable to Wall Street investors," said Stang. "We're not accountable to other forces outside of our membership. And so it's a much different model."

Stang said many of the credit unions in his association have spent the last week reassuring customers and noting differences in their institutions' structure from others.

He added that a strong financial system is important for consumers, regardless of which institution they bank with.



Disclosure: GoWest Credit Union Association contributes to our fund for reporting on Community Issues and Volunteering, Consumer Issues, Housing/Homelessness, Livable Wages/Working Families. If you would like to help support news in the public interest, click here.


get more stories like this via email
Almost all departments in Connecticut schools saw shortages in 2022, following a long-standing national trend. A 2022 American Federation of Teachers report found before the COVID-19 pandemic, almost 300,000 teachers were leaving the profession each year. (Adobe Stock)

Social Issues

play sound

As the school year ends, Connecticut's teacher shortage seems to have only worsened. In March, school districts across the state reported having 2,60…


Social Issues

play sound

A Muslim rights group is taking the Kent County Sheriff's Office to court for forcing a Michigan woman to remove her hijab for a booking photo…

Social Issues

play sound

A rally was held in Salem Thursday to urge passage of a bill to provide food assistance to Oregonians regardless of their immigration status…


Pennsylvanians must register to vote by Oct. 23 to be eligible to vote in the general election on Nov. 7. (Vesperstock/AdobeStock)

Social Issues

play sound

The Keystone State's general election is less than six months away and a nonpartisan, grassroots organization is already getting the word out to …

Social Issues

play sound

This week's debt ceiling deal saw federal policymakers compromise on budget-related matters, but a new awareness campaign from a Wisconsin grassroots …

A 2019 report from the New York State Comptroller's Office found almost 85% of green jobs were in increased demand. A 2022 report found there are 35,700 workers in New Jersey's green economy. (Adobe Stock)

Environment

play sound

Offshore wind in New York and New Jersey is becoming a large contributor to job growth. New York's offshore wind investments are slated to create …

Social Issues

play sound

Hoosiers could play a pivotal role in pushing back against a surge of hate and violence against Jews in America. Nearly two-thirds of all …

Environment

play sound

The Nevada hunting and fishing community is sharing its top 10 conservation priorities for 2023 with Gov. Joe Lombardo's office, as they seek to …

 

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