Americans are friending credit unions as they grow increasingly frustrated with fees and customer service issues stemming from the nation’s larger banking institutions.
At least, that’s the conclusion of a new survey conducted by the National Association of Federal Credit Unions.
As for what led to the ascendancy of credit unions and smaller banks, NAFCU credits Bank Transfer Day and Facebook. Last November, users of Facebookpromoted the national Bank Transfer Day, encouraging consumers to move from banks that push excessive fees to credit unions and smaller firms.
Fifty-six percent of the credit unions surveyed reported strong membership growth in the past 12 months, NAFCU said. And more than half of the credit unions attributed their recent growth to Bank Transfer Day.
As for why consumers transferred their funds to credit unions, the majority, or 46.7%, cited dissatisfaction with the banks. Others said they left for better loan and deposit rates as well as lower fees.
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McClatchy catches us up on the issue, based on a new report put out yesterday by Enterprise Community Partners, a housing advocacy group:
While states have announced plans to use $977 million of their direct payments for housing and foreclosure-related assistance, $989 million will go to fill budget shortfalls or for non-housing purposes, according to a report released Thursday by Enterprise Community Partners, a national affordable housing and community development group.
The report, which updated an earlier analysis, found that six states – Missouri, California, South Carolina, Georgia, Alabama and New Jersey – ignored the agreed-upon uses for the money entirely by directing nothing for housing-related activities.
It said that 23 states are using all, or nearly all, of their settlement money for housing, while five others – New York, North Carolina, Washington, Massachusetts and Kentucky – have dedicated between 70 percent and 89 percent for housing purposes.
Fourteen others, including Idaho and Illinois, are using less than half of their funds for the intended purposes.
JP Morgan, which has been threatened with having its trading privileges in California revoked, apologized to the Federal Energy Regulatory Commission in a lengthy filing.
Morgan said the inaccurate information was the result of “unintentional, good-faith mistakes, misunderstandings and miscommunications.” It said the mistakes have been cleared up and don’t justify revoking the company’s trading rights in California.
Read more here: http://www.sacbee.com/2012/10/18/4921789/jpmorgan-chase-apologizes-for.html#storylink=cpy
Yep they’re sorry, sorry they got caught.
I certainly would like to see arrest warrants for the correupted US bankers here in the US.
BAGHDAD (AP) — Iraqi authorities have issued arrest warrants for the longtime governor of the central bank following allegations of financial wrongdoing, the country’s judiciary said Thursday.
Allegations against Sinan al-Shabibi, who has led the bank since 2003, surfaced earlier this week while he was out of the country on official business. The charges are seen by the government’s critics as an attempt to sideline the politically independent economist, and have been blasted as politically motivated by al-Shabibi’s defense team.
Supreme Judicial Council spokesman Abdul-Sattar Bayrkdar told The Associated Press that 15 bank officials are being sought along with al-Shabibi. He did not name the other officials or say what specific charges they face. Bayrkdar did not say when the warrants were issued.
It was not long ago in fall 2010 that I was a senior congressional staffer financial economist at the Congressional Budget Office (CBO) when I was fired after 2 ½ months for writing about the damage from the banking and financial system collapse since fall 2008. The writings included ‘robo-signing’ foreclosures as symptomatic of deeper problems in the securitization of $7 trillion mortgage bonds that CBO denied was a problem and the condition of the nation’s banks.
I was told that CBO should take the lead in treating foreclosure problems as “the kind of event of the moment where we should be adding skepticism, not just repeating the hype in the press” and my writing about it showed “poor judgment about what is important and what isn’t.” This came from my direct report, then-CBO assistant director and chief economist, currently MIT Professor of Finance Deborah Lucas who was called by the U.S. President in 2009 to serve in a leadership role at CBO. CBO Director Douglas Elmendorf, a Harvard Ph.D. economist, agreed that such writings lacked knowledge of economics and poor communication skills for not understanding what it meant to remove them.
For those unfamiliar, CBO is a small federal agency that scores (produces cost estimates) Congress’s bills and can make or break them with its scoring. CBO’s panel of economic advisors includes Goldman Sachs, Morgan Stanley, former Federal Reserve economists, and distinguished economists from academia who are or were former scholars of the Federal Reserve.
Closure to the Congressional Inquiry
After over a year of congressional inquiry, my story was first made public in the Wall Street Journal, “Congress’s Number Cruncher Comes Under Fire,” (Feb. 2, 2012) what the Journal allowed the public to know. When the true nature of the issues would not come out, I was stunned that the congressional inquiry led by Senator Grassley, Ranking Member of the Senate Judiciary Committee, also declined to release my letter to the public to expose the issues. This happened during the week the New York Attorney’s General announced the lawsuit against MERS, but that too went silent a few days after the nationwide foreclosure settlement. All understood the ramifications of the NY AG lawsuit against MERS.