Phillip Cooper

I was surprised when I read an article recently that said the average American has more credit card debt than retirement savings. I guess at some level I understood people needed to reduce their debt and do a better job of preparing for retirement, but I never realized that the debt had exceeded the average Americans long-term savings.

I’ve heard many suggestions about accelerating the economy. One solution that I’d like to share with you would help unfreeze credit for small businesses and provide resources that would ignite local economies. That simple solution is raising the business lending cap for credit unions; something that Congress has debated since 2009.

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.

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 starting to be felt by banks.

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.