Credit unions have been enjoying great positive press coverage this week.
According to an article in The Wall Street Journal Friday, for which CUNA provided information, U.S. credit unions are helping consumers who are struggling with the high costs of college education by offering more private student loans.
"Nearly 590 of the nation's 6,955 credit unions—member-owned nonprofit financial institutions—offered student loans as of December, according to the Credit Union National Association, a trade group, up more than 50% since March 2011," the article, titled “New College Lenders Step Up”, said.
"Though credit unions account for just a tiny slice of the student loan market, the amount they hold nearly doubled to more than $2 billion in the same period," the Journal added.
An article on the FOX Business Web site on Monday explains to readers that credit unions “come in many flavors”. And “not all of them are just community-related. Your church, university or even your military branch may offer its own credit union with sweet deals and special perks, such as a no-minimum checking account that also pays interest.”
And that's on top of the better loan rates and fewer bank fees offered by credit unions nationwide, CUNA CEO Bill Cheney told FOX Business. On average, a family saved about $130 last year by using credit unions rather than banks, he says.
The Wall Street Journal article is available in its entirety here.
The FOX Business article is available in its entirety here.