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Credit Union of America

Credit Union of America - Investments

Agency: Howerton + White Client: Credit Union of America Title: InvestmentProduced by: Intake Studios Intake Studios is a full-service video ...

Bound by faith and thrift: The double-edged sword of Christian CUs

For some credit unions, saving money and saving souls go hand-in-hand.

There are a few hundred faith-based credit unions in America today, and they share a great deal with their secular counterparts – the majority of them are small or mid-size institutions, many of which are or minority-designated or certified as community development financial institutions. Keeping up with the compliance burden is also a struggle for lots of them, as is staying on top of technology.

Yet there is plenty that sets them apart. For starters, many work within church buildings or multiple churches within a denomination. In some cases, staff may be made up primarily of volunteers and they may not be open five days a week, or their hours may be dependent upon having access to the facility where they are housed.

“Yet, they still have some of the most competitive loan products and best rates that I’ve seen,” said Pamela Owens, SVP of organizational development and capacity building at the National Federation of Community Development Credit Unions. Owens works with the Federation’s 30 faith-based member institutions, which are all Christian credit unions based primarily in Harlem, as well as some in Chicago and throughout the south.

Trades disagree with part of court's field of membership ruling

WASHINGTON, DC (March 30, 2018) — The U.S. District Court for the District of Columbia today upheld two challenged portions of the National Credit Union Administration’s field of membership rule and struck down two provisions in a lawsuit filed against the agency by the American Bankers Association (ABA). The National Association of Federally-Insured Credit Unions (NAFCU), Credit Union National Association (CUNA) and CUNA Mutual Group, in a joint statement, disagreed with the court’s decision and reiterated their intent to continue to work in support of the agency’s authority to issue this rule.

The provisions declared to exceed the NCUA’s statutory authority include those that automatically qualify a combined statistical area (CSA) with fewer than 2.5 million people to be a local community and the increase to 1 million people the population limit for rural districts.

“Our organizations are pleased the court upheld components of the NCUA’s field-of-membership rule; however, we strongly disagree with the court’s decision that aspects of the rule exceed the agency’s legal authority,” said NAFCU President/CEO Dan Berger, CUNA President/CEO Jim Nussle and CUNA Mutual Group President/CEO Robert Trunzo. “The field-of-membership rule is not only entirely consistent with the Federal Credit Union Act, but also credit unions must have the ability to grow and serve more Americans. As the parties consider their options going forward, we will continue to support the agency on this critical issue.”

What kind of drug test does Premier America Credit Union use?

Pee in a bottle test.