GoWest Credit Union Association’s Post

Here’s what credit unions are, how they differ from conventional banks and why you may want to consider becoming a credit union member.

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The Best Credit Credit Union In California California is home to several outstanding credit unions that offer a range of financial services to their members. Here are brief introductions to three of the best credit unions in California: Golden 1 Credit Union: Established in 1933, Golden 1 Credit Union is one of the largest credit unions in California, serving over one million members. It offers a comprehensive selection of banking services, including checking and savings accounts, loans, mortgages, credit cards, and investment options. Golden 1 is known for its competitive rates, low fees, and convenient digital banking solutions. It has an extensive branch network throughout the state, providing easy access to its members. SchoolsFirst Federal Credit Union: SchoolsFirst is the largest credit union in the United States, serving the educational community in California. It was founded in 1934 and has since grown to over 1.1 million members. SchoolsFirst offers a wide range of financial products and services tailored to the needs of educators and their families. These include checking and savings accounts, loans, credit cards, retirement planning, and insurance options. The credit union is renowned for its exceptional member service and commitment to the education community. Patelco Credit Union: With a history dating back to 1936, Patelco Credit Union is a prominent financial institution serving California residents. It has over 400,000 members and provides a comprehensive suite of banking services, including checking and savings accounts, loans, credit cards, and investment products. Patelco is known for its focus on innovation and technology, offering convenient online and mobile banking platforms. It also emphasizes financial education and provides resources to help members make informed financial decisions. These credit unions have earned reputations for their excellent customer service, competitive rates, and commitment to their members' financial well-being. When considering a credit union in California, these institutions are among the best choices to explore. It's essential to review their specific offerings, locations, and eligibility requirements to determine which one aligns best with your personal financial needs.

The latest data shows some credit unions facing membership declines—but don’t worry, we’re here to help! 🚀 With Tyfone, Inc.’s suite of digital banking solutions, your credit union can increase engagement, attract new members, and streamline operations. The future of credit unions is bright, and Tyfone is committed to being part of that success! Check out the full story at our News & Resources page—link below! 👇 #CreditUnionMembership #FintechSolutions #TyfoneTech #RedShoeCrew

Absolute 🔥 in Clint Walters Op Ed in American Banker - "Confessions of a Credit Union Executive Turned Community Banker" "Credit unions like mine were allowed to utilize our tax-exempt status to undercut the competition and weaken the product diversity of tax-paying entities. We weakened community banks and their capacity to meet the credit needs of our communities, utilizing every loophole the government provided us to do so. Now, capitalizing on that weakness and further exploiting their tax exemption to outbid other acquirers, credit unions are gobbling up banks at a record pace. In almost any market, you'll find credit unions making loans that no other bank would make. They do so not out of benevolence, but because they lack expertise for effective commercial underwriting. When credit unions' commercial lending practices are eventually subjected to an organic credit cycle, there will be substantial losses and potential threats to credit union members." https://lnkd.in/eAWTKP65

Houston Mcmiller - Credit Specialist In this comprehensive overview, I'll be highlighting two credit unions that could potentially assist you if you have a strong Vantage score. The first credit union, Credit Union West, is a hidden gem that offers impressive personal loan options. They provide loans up to $125,000 with repayment terms of up to 300 months, essentially 25 years. This extended timeline can result in more manageable monthly payments, even for larger loan amounts. For instance, a $50,000 loan could have a monthly payment of around $550. The second credit union, Hovia Federal Credit Union, also presents an opportunity for credit-conscious individuals. While they may not offer 0% interest rates, their lowest rate is 2.99% for 12 months. Additionally, this credit union has a strong focus on business banking services, which could be beneficial for those seeking business-specific financial products. It's important to note that the key distinction between these two credit unions is the Vantage score they utilize. Credit Union West uses the TransUnion Vantage 3 score, while Hovia Federal Credit Union employs the Vantage 4 score, which excludes certain factors like medical bills and judgments, potentially providing you with more leverage. For those with less-than-ideal credit, I've also included information about a tribal lender, UPA, which offers loans ranging from $300 to $5,000 without affecting your credit score during the prequalification process. In summary, these credit unions and the tribal lender present viable options for individuals seeking personalized financial solutions based on their Vantage score and credit profile. #CreditUnions #PersonalLoans #BusinessFinancing YouTube Source: https://lnkd.in/d52DymmB YouTube Channel: https://lnkd.in/dKqsEhFN Related Content: https://lnkd.in/dX2iBigm

Those who know me know my passion for credit unions run deep as a member/customer of several of them and as an executive in the industry for over 20 years. Our industry needs a purpose revival in which credit unions truly live their mission statements on a daily basis reflected on its operations and decision-making. What happened to the philosophy of “people helping people”? What happened to serving the “underserved” and the “unbanked”? Mind you the underserved and unbanked are the low-income households, mostly minority demographics , immigrants, people with poor credit scores, the youth with no credit history, and mostly the financial illiterate (not exclusive). Isn’t part of the founding purpose of a credit union to cater to these population segments? Don’t these segments of the population need the most financial help and they are the ones being penalized the most with higher fees and rates and “some” discrimination? Are credit unions too focused on balance sheet growth and have become gentrified focusing primarily on high-income earners and people with good to great credit scores? The equation here seems upside down 🙃

Great article, however I would add 1 more to Ty A. Schwamberger's list of strategies credit unions can implement to rising delinquency rates: 7. Regular portfolio review: A portfolio review allows lenders to proactively identify risk and opportunity at key stages of the account lifecycle to help confidently make decisions that help reduce loss by prioritizing treatment activities.

A thought-provoking BankThink piece delves into credit union competition with banks and the growth in credit union's commercial lending. Does this trend reflect - the disintermediation of regulated deposit taking institutions (banks and credit unions) broadly from consumer lending and the search for other kinds of loan growth, - a push to increase the quantity of floating rate assets on credit union balance sheets, - regulatory arbitrage and/or - other factors? Read more: "The pivotal moment came in 2008 when we ventured into commercial lending, quickly establishing ourselves as the seventh-largest credit union in Texas in terms of commercial lending portfolio within a span of three to five years. Our ability to offer lower rates, better terms and fewer fees facilitated our rapid growth, enabling us to extend commercial loans beyond our traditional market boundaries. Transitioning to a state charter from a federal one further expanded our opportunities for growth, as did obtaining a low-income designation, which provided us with higher variances on certain regulatory limits related to lending." #Banking #CreditUnions #CommercialLending #FinancialInstitutions #BankThink

Outsiders to the credit union industry can often see the impact credit unions have on their communities better than those in the industry can. Chip Filson details a few of those examples that spotlight credit unions that are truly serving their communities.https://https://lnkd.in/gzNZJctg