Ensure Consumers Know Your Charitable Actions Are Genuine
As we transition into a new year with a focus to accomplish our 2012 goals, I’d like to reflect on an event that I was fortunate to participate in during December. Community Choice Credit Union team members worked with alumni of our scholarship program to wrap gifts and prepare hand-written cards for children who are affected by pediatric cancer and other related illnesses.
That same night, Community Choice Credit Union presented a $10,000 check to Kids Without Cancer; a charitable organization who uses donations to fund research for pediatric cancer. I’m proud of the donation, and I have no doubt it will greatly help research efforts; but I was struck by how fulfilling it was to wrap presents and to create cards for children who were in ...
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Bank Fees May Be on the Rise
Earlier this year, Congress passed the Durbin Amendment, which regulates and restricts the charges related to debit card transactions. The effects of the Durbin Amendment are now starting to be felt by banks.
The new legislation places caps on income that financial institutions can receive from their card network each time a consumer uses their debit card. In the coming months, it is likely consumers will hear about banks raising fees across many categories as they seek to recoup profits for their shareholders. Carefully watch the following areas for increased fees and requirements in the coming months:
Free Checking: Fee free checking will likely be altered by many banks. Banks may move to have minimum balance ...
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Going off to College
There are many stress factors this time of year for parents of college freshmen. There’s dealing with an empty house, coordinating when your son or daughter can visit home, and trying to plan for the next family vacation over the summer.
Before you get engrossed in all of the above, I suggest making sure your son or daughter doesn’t fall into one trap that’s rarely considered but can hit college kids very hard — identity theft. The annual survey of consumer fraud from Javelin Strategy & Research found that 8.1 million people were victims of identity theft in 2010.
To minimize being a victim, among many factors, teach them to:
• Monitor financial and credit union statements regularly to look for ...
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Boosting the Local Economy with Local Business Lending
Posted By Robert Bava, 02/07/11 at
08:56 AM
What if someone told you we could produce 5,242 new jobs in Michigan and invest an additional $430.8 million into local businesses at no cost to the taxpayers?
As you pondered that query, you may have been filled with excitement, you may have been filled with doubt, but either way — you wanted to know more. Those projections come from the Credit Union National Association (CUNA) based on an analysis of Member Business Lending (MBL) results. The projections were based on credit unions that could lend up to 25 percent of their asset size1.
Currently, credit unions can only lend up to 12.25 percent of their asset size, which inhibits many such organizations from becoming more viable business lenders. It also limits the options of local business ...
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Michigan’s Brain Gain
Posted By Robert Bava, 01/14/11 at
03:18 PM
The Michigan “brain drain” has been a hot topic the last few years. Here are a few numbers that make this issue hard to ignore, as reported by Michigan Future.
- In 2008, Michigan lost 1,500 students with four-year degrees to more promising opportunities elsewhere.
- As of November, 2010, Michigan is ranked 37th in per capita income by state. We are 19 percent below the national average.
- In 2009, The Detroit News reported that Michigan is among the last in the nation in the number of workers with four-year degrees, and in another closely related figure, per capita income. This has sparked conversation about the need for a more knowledge-driven economy in Michigan.
...
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Hope for a Michigan Turnaround
Posted By Robert Bava, 12/14/10 at
10:32 AM
In a rapidly changing economic and political landscape, many business owners we talk to are concerned that even more governmental change will slow them down or increase costs. I understand this concern, but here’s why I’m looking forward to 2011:
Electing a CEO
Maybe I’m partial, but I think hiring a CEO to fix an economy is a great idea. As a businessperson and entrepreneur, Governor-elect Rick Snyder understands our challenges and the urgency for change. So far, he is a politician that speaks our language. It’s not just about the campaign rhetoric that matters though. I’m looking forward to seeing what he can do to translate his promises into action.
Farewell to Partisanship?
Mr. Snyder famously ...
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