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Make-A-Wish Foundation® of NH Ambassadors to Deliver Sweet Thank You’s to NH Credit Unions

2009-10-14T18:53:00Z

On Thursday, October 15, 2009 – 3:00 p.m. – 5:00 p.m, the New Hampshire Credit Union League’s member credit unions will receive baskets of baked goods from wish children and volunteers on behalf of the Make-A-Wish Foundation® of New Hampshire on Thursday, October 15, 2009 which is International Credit Union Day. Throughout the state of New Hampshire, wish children and volunteers will hand deliver these gifts and thank NHCUL members for their support of the Make-A-Wish Foundation of New Hampshire for the past thirteen years. Through dedicated philanthropic fundraising, the NHCUL has raised more than $1,190,387 for the Make-A-Wish Foundation of New Hampshire. The NHCUL is proud to support and collaborate with the Make-A-Wish Foundation of New Hampshire in granting wishes to New Hampshire children with life-threatening medical conditions. Participating Credit Unions:

Anheuser-Busch Employees’ Credit Union/Merrimack
Bellwether Community Credit Union/Manchester
Cheshire County Federal Credit Union/Keene
Cheshire Health Federal Credit Union/Keene
Granite State Credit Union/Manchester
Gropaco Federal Credit Union/Groveton
Guardian Angel Credit Union/Berlin
Heritage Family Credit Union/Hooksett
Holy Rosary Credit Union/Rochester
MembersFirst Credit Union of NH/Manchester
NGM Employees Federal Credit Union/Keene
NH Community Federal Credit Union/Claremont
New Hampshire Federal Credit Union/Concord
New Hampshire Postal Credit Union/Manchester
Northeast Credit Union/Portsmouth
Precision Credit Union/Keene
Seacoast Credit Union/Hampton
Service Credit Union/Portsmouth
St. Joseph Hospital Employees Credit Union/Nashua
St. Mary’s Bank Credit Union/Manchester
Timken Aerospace Federal Credit Union/Lebanon
Triangle Credit Union/Nashua
Upper Valley Community Credit Union/Lebanon
Woodlands Credit Union/Berlin

NH Credit Union League Launches Energy Conservation Loan Program – Greenlight Loans

2009-10-09T13:57:00Z

The New Hampshire Credit Union League unveiled a new lending initiative designed to help consumers finance projects that increase energy efficiency and allow homeowners to decrease the size of their carbon footprints.

“The New Hampshire Credit Union (NHCUL) Greenlight Loans are truly a win-win for homeowners and the environment,” stated Michael L’Ecuyer, President of Bellwether Credit Union. L’Ecuyer, who chairs the League’s Community Outreach Committee said, “These loans will help home owners make a real and lasting investment in their home, while reducing their long term energy consumption and costs – which ultimately benefits the environment.”

The initiative began when the New Hampshire Credit Union League surveyed its’ membership at the beginning of 2009, to establish a community outreach initiative that benefited consumers statewide. The idea of helping consumers reduce their household expenses, build wealth - while promoting a “green initiative” - was one that the state’s 26 credit unions embraced. Next the League brought together a group of credit unions to participate in the initiative. It was determined that a simple a simple approach would work best. Each of the credit unions set forth its own approach to making energy conservation loans. Several of the credit unions created new products, while others chose to use their existing unsecured (personal) and secured (real estate) loans. The common thread is the commitment the New Hampshire Credit Union League made to aggressively promote and provide these loans, while educating consumers about cost cutting energy options. “We’ll be there to assist consumers with making energy efficient upgrades to their home. If a homeowner could reduce energy savings via a new furnace, improved insulation, installation of energy efficient winds and doors – we want to help. Renewable energy options - such as solar panels - are options the League would also embrace. People need to know that they have access to financing for these projects – with minimal reporting requirements,” added L’Ecuyer.

The New Hampshire Credit Union League Greenlight Loans initiative will be promoted through an aggressive public awareness campaign and online via the League’s consumer information website. On the site, consumers will have contact information on participating credit unions, as well as research best practices in energy conservation, potential tax incentives and grants opportunities for certain projects.

New Hampshire Credit Unions Contributions to Make-A-Wish Foundation Exceed $1,190,000

2009-08-11T10:59:00Z

The New Hampshire Credit Union League’s (NHCUL) 9th annual Richard D. Mahoney Credit Union Charity Golf Tournament held on June 18, 2009, at Candia Woods Golf Links, raised $57,000 for the Make-A-Wish Foundation® of New Hampshire. Thirteen years of dedicated philanthropic fundraising by NHCUL’s 26 credit unions – brings the total raised for Make-A-Wish to $1,190,387.

The success of the Richard D. Mahoney Credit Union Charity Golf Tournament and the NHCUL’s overall support of Make-A-Wish have grown over in the last several years. NHCUL Chairman, John R. Young, was extremely pleased with the amount raised by the NHCUL in spite of a challenging economic climate. Through the support of 120 golfers, dedicated volunteers and four corporate sponsors: Equifax/APPRO Systems Inc., SYNERGENT, Tricorp Federal Credit Union and Premier Sponsor, Beliveau, Fradette, Doyle & Gallant - the NHCUL was successful in raising a total of $140,000 for NH’s Make-A-Wish, said Young. The golf tournament is our largest fundraising event of the year for Make-A-Wish. In addition, credit unions throughout New Hampshire, continuously conduct fundraising events including candy bar sales, a year-long calendar raffle and baseball games to raise additional funds for Make-A-Wish, added Young.

Raising more than one million dollars over the past thirteen years was a significant milestone for NHCUL and I attribute this to our 13 member Social Responsibility Committee, our 26 credit unions, employees, corporate donors and the more than 403,000 credit union members in New Hampshire. NHCUL is proud to be acknowledged, to date, as the largest corporate donor to New Hampshire’s Make-A-Wish, said Young.

Julie P. Baron, CEO of the Make-A-Wish Foundation of New Hampshire, an organization that strives to grant wishes of children with life-threatening medical conditions, praised the League and the Social Responsibility Committee for their contributions and efforts throughout the year. It is the sheer joy of a wish that is the most powerful medicine of all. Our partners, the credit unions across New Hampshire have made that possible for thirteen years, said Baron.

The New Hampshire Credit Union League is a trade group representing New Hampshire’s 26 consumer-owned credit unions. Credit Unions are not-for-profit financial cooperatives and offer a variety of consumer financial services to over 403,000 New Hampshire residents and more than 85 million Americans

More than 9000 students benefit from CU4Reality Program Financial Literacy Program

2009-05-19T15:49:00Z

The CU 4 Reality Education Program, sponsored by local credit unions, has given students at middle schools in the United States and US Armed Forces installations in Germany a chance to learn about managing finances and how to calculate earnings and expenses. CU 4 Reality is a program cooperatively developed across a number of credit unions and is now in its fourth year. The partnership between the CU 4 Reality program and credit unions has benefitted approximately 9,000 students worldwide.

The program uses an in-class curriculum during the school year to teach participants important skills that will equip them to handle money responsibly, set and adhere to budgets, and avoid the pitfalls of debt. The program culminates with a simulated real-world CU 4 Reality Fair, where the student participants create a spending plan based on a salary, and balance needs versus wants, to make sure they are living within their means.

To complete their course of studies, the students attend a fair where they speak with representatives of auto dealership, cable TV, clothing, food and utility representatives and others to help them understand the many expenses they will face in adulthood.

According to recent reports, nearly a third of all high school seniors use at least one credit card or use ATM cards. In addition, more than three-quarters of seniors have a savings or checking account. However, just 20% of high school seniors graduate with any formal instruction in personal finance.

The CU 4 Reality curriculum creates a fun and interactive learning environment where students can practice specific financial management skills and learn early on the consequences of debt when it comes to financial matters.

Developed by the Financial Literacy Education Committee of Americas Credit Union Museum, in conjunction with the New Hampshire Credit Union League, the CU 4 Reality Program, which is in its fourth successful year, gives students the opportunity to participate in a hands-on event that propels them through the personal financial management process, including career selection, budgeting for housing, transportation, luxuries, and more.

At the CU 4 Reality Fair, each student receives a file detailing the personal information specific to their career choice. It includes their monthly gross income and students calculate their take-home pay and create a monthly spending plan as they progress through booths representing various categories of expenses they can expect to incur. Students make decisions about what they would spend on various items such as food, clothing, housing, transportation, insurance, home furnishings, savings, investments, entertainment and credit.

Americas Credit Union Museum promotes the heritage of the credit union movement through the preservation of credit union industry history. Additional information about CU 4 Reality program and the museum can be found at www.acumuseum.org and www.cu4reality.org.

NH Credit Unions Show Strong Growth in 2008

2009-04-13T20:25:00Z

The 23 credit unions headquartered in New Hampshire have seen growth in assets, deposits, loans and membership according to data compiled from year end reports released recently by the National Credit Union Administration.

Over the year these credit unions had aggregate growth in assets of 11.74% growing to $4.22 billion from $3.8 billion at the first of the year. This figure exceeds the national growth rate of 7%.

Savings in New Hampshire credit unions are up by 9.13% since the beginning of the year. Nationally savings grew by almost 7%.

Some of that money may have been deposited by new credit union members. The data show that New Hampshire credit unions have added approximately 23,000 new members in 2009 which represents a 5.7% increase.

Despite the fact that consumer has been hearing a great deal about the credit crunch Granite State credit unions are ready to meet their borrowing needs. Loans outstanding at New Hampshire credit unions have grown by 7.5% or $330 million dollars since the beginning of the year. Loans were up nationwide by 6.7%

NH Credit Unions Joins Nationwide Invest in America Partnership with GM and Chrysler

2009-01-09T19:55:00Z

The New Hampshire Credit Union League will be participating in the Invest in America credit union loan partnership with General Motors and Chrysler corporations. The Invest in America program, launched in Michigan by the Michigan Credit Union League, has expanded to all 50 states, providing discounts and affordable loans to 90 million credit union members.

Throughout 2008, NHCUL members have been busy making auto loans and this new initiative Invest in America, is another example of the ongoing commitment of the NHCUL members to meet the auto financing needs of New Hampshire residents.

Credit unions of New Hampshire have a reputation for offering competitive, no-nonsense rates, and couple these rates with Invest in America incentives, New Hampshire consumers can do exceedingly well.

The General Motors Credit Union Member Discount Program and Chryslers Credit Union Member Cash discounts were negotiated independently and offer unique and distinct terms. The programs, running from now through June 30, 2009, offer General Motors supplier price discounts or Chrysler rebates of $500 or $1000 on eligible vehicles. For specific terms, please stop by your local New Hampshire credit union or visit http://www.lovemycreditunion.org

Credit Card Debt Got You Down?

2008-12-15T12:58:00Z

In today’s world filled with plastic, it is difficult to fight the urge to use credit. As a late 20-year-old, I grew up with the mentality of a carefree “swipe and spend” world of credit cards. Don’t get me wrong, I love the convenience of not carrying cash and the quickness of the swipe and go transactions.
Unfortunately, with all the conveniences that credit cards offer, they also carry an array of problems if they are not managed with care. Spending more than you can pay every month is very easy with credit cards. If you are not careful, they can snowball very quickly leaving you with a feeling of how did this happen? With rising balances and high interest rates charged by the credit card companies, it can leave you feeling like you are in over your head.
Don’t fret though. I have amassed a few ways to help reduce or eliminate your credit card debt. After helping many people climb out of debt both personally and in my line of work, I want to share some of my tips with you.
This week I will talk about ways you can reduce your interest you are paying or eliminate your credit card debt entirely. Next time, I will share some helpful tips on reducing your debt and ways to keep you debt-free.

Ways to combat Credit Card Debt.
There are many ways you can fight back the overwhelming fees charged by credit card companies and save your hard-earned money in the process.

1.If you own your house and have some equity you could take out a home equity loan or refinance your mortgage. Equity is the difference in what you owe compared to what your home is worth. Here is and example, you owe $150,000.00 on your mortgage and your house is appraised at $250,000.00. Your equity in your home is $250,000.00 – $150,000.00 = $100,000.00.
A Home Equity Loan is a fantastic option for two major reasons. The interest rate you pay will be considerably less than the rates you pay on your credit cards and the interest that you pay on the Home Equity may be tax deductible. This could save you money when you do your taxes. Another benefit of doing a Home Equity loan is the flexibility of setting fixed payments. You can do this by determining the term in months or years that you want to repay the loan. Many Home Equity loans can go up to 15 years before they need to be paid off, but I would suggest 5 to 7 years if you can afford the payments.
There are some minor drawbacks to Home Equity loans as well. If you decide to get a Home Equity Line-of-Credit, you have the option of interest only payments which will save you money short term, but it will never reduce your debt. You may not want to spread out your payments over too much time because it may be counterproductive. If you are considering a Home Equity loan to pay off your credit cards, I would not recommend a line of credit since they are more geared toward home repairs and planning for unexpected expenditures.

2.Here is another little known fact that I would like to point out. Your car may also be a source of equity. If you own your car and it is less than 10 years old, you can use that as collateral for a loan. Car loans usually have a higher interest rate than Home Equity loans, but the rates still are lower than most credit cards. If you only have a little credit card debt ($5,000.00 to $10,000.00 depending on your car’s value), this could be a better option than a Home Equity loan. Auto loans are typically easier to apply for due to less paperwork and a faster turnaround. If you are concerned about tapping into your home equity, then maybe an auto loan would be right for you.

3.If neither of these options are available to you, I would then recommend transferring your balances to a lower APR card. During this economic crunch, credit card companies are scrambling to lure potential customers to use their cards in efforts to generate income. This is great news for you! There are many card issuers that are offering low introductory rates when you transfer balances to them. This will save you on interest and will pay down your principle faster. Just remember that this is a short-term fix (most cards offer these low promotional rates for only 6 to 12 months)and you must be diligent in paying your principle down.

4.The last way you can reduce your credit card debt is calling up your current credit card issuers and asking them to lower the APR that they are charging you. You may be pleasantly surprised when you talk to your current credit card company about lowering your rate. From time to time, certain credit card companies run promotions that are not offered publicly. They even may want to keep your business by offering a lower rate if you can get a better deal with a new card. As my mother used to say, “It never hurts to ask!”.

NH Credit Unions Grow Throughout the First Three Quarters of 2008

2008-12-03T19:58:00Z

The 23 credit unions headquartered in New Hampshire, which hold some $4.1 billion in assets, have seen growth in assets, deposits, loans and membership according to data compiled from quarterly reports released last week by the National Credit Union Administration.

Over the first nine months of the year the NH credit unions had aggregate growth in assets of 10% growing to $4.1 billion from $3.8 billion at the first of the year. This figure was nearly double the national growth rate of 5.7%.

Savings in New Hampshire credit unions are up by 7.5% since the beginning of the year. Nationally savings grew by 5%.

Some of that money may have been deposited by new credit union members. The data show that New Hampshire credit unions have added approximately 18,000 new members in 2009 to date representing a 4.5% increase.

Despite the fact that consumer has been hearing a great deal about the credit crunch New Hampshire credit unions are ready to meet their borrowing needs. Loans outstanding at New Hampshire credit unions have grown by more than 10% or $250 million dollars since the beginning of the year. Loans were up nationwide by 5.6%

Credit Unions have Money to Lend

2008-11-21T19:43:00Z

Amidst all of the economic turmoil we have been experiencing there has been a tremendous amount of talk a bout a consumer credit crunch. While it is true that some lenders do not have much money to lend that is not true at credit unions.

How can that be? Credit unions follow a very simple, tried and true business model. They take deposits from individuals and carefully lend them out to people who live and work in the community. This contrasts with many huge lenders who gather the funds they lend by selling bonds and securities. Now that the so called capital markets are in a constant state of flux it is hard for these lenders to raise the money that they need in order to make loans.

Credit unions on the other hand are seeing an overall increase in deposits because consumers are looking for a safe sound place for their money. The credit union can make that money available for loans.

It is important to remember that credit unions have sustained their business model through the years by adhering to sound lending principles designed to safeguard the deposits that have been entrusted to them. Credit unions will go the extra mile to help people get loans but they are also going to make sure that borrowers do not take on debt that they can not repay..

NEW HAMPSHIRE CREDIT UNIONS AND MAKE-A-WISH FOUNDATION® OF NEW HAMPSHIRE CELEBRATE HONOR HEROES DAY

2008-11-19T10:37:00Z

The New Hampshire Credit Union League along with 11 wish children and volunteers from the Make-A-Wish Foundation® of New Hampshire will meet with firefighters throughout the state on Wednesday, November 19, 2008 at 3:30 p.m. to honor and thank New Hampshire firefighters for all they do.

From Manchester to Berlin, New Hampshire firefighters have enriched the lives of wish children by providing experiences ranging from fire station tours to fire truck escorts for wish children traveling to airports for trips and adventures that fire departments have sponsored. To thank firefighters, wish children will present each fire station with a copy of the 2009 Make-A-Wish® New Hampshire Raffle Calendar. Proceeds from calendar sales, which are available at many credit unions throughout New Hampshire, will assist the NHCUL in reaching their 2009 fundraising goal of $150,000 for Make-A-Wish Foundation® of New Hampshire.

WHAT: Celebrate Honor Heroes Day sponsored by NHCUL
WHEN: Wednesday, November 19th at 3:30 p.m.
WHO&WHERE:
BERLIN FIRE DEPT., 263 Main St. Wish child – Brendan, age 10 of Whitfield
CONCORD FIRE DEPT., 150 North St. Wish Child – Brenden, age 9 of Concord
DERRY FIRE DEPT., 131 E. Broadway. Wish Child – Taylor, age 8 of Derry
KEENE FIRE DEPT., 32 Vernon St. Wish Child – Nicholas, age 6 of Keene
MANCHESTER FIRE DEPT., 100 Merrimack St. Wish children – Stephanie, age 16 of Hookset and Zachary, age 14 of Bedford
NASHUA FIRE RESCUE, 70 E. Hollis St. Wish Children – Anna, age 6 of Nashua and Sarah, age 27 of Hooksett
PORTSMOUTH FIRE DEPT., 170 Court St. Wish Child – Hannah, age 10 of Dover
ROCHESTER FIRE DEPT., 37 Wakefield St. Wish Children – Barbara, age 16 of Barrington and Teagan, age 8 of Dover
VISUAL: Wish children greet and celebrate their local firefighters; children present Calendars; local fire departments provide tours to wish children and families.

The New Hampshire Credit Union League is a trade association that represents the state’s credit unions. Credit unions are consumer-owned cooperatives that offer a wide variety of financial services to their members.

U.S. News & World Report: The Benefits of Credit Unions

2008-10-30T13:27:00Z

U.S. News & World Report: The Benefits of Credit Unions
Tuesday October 21, 10:55 am ET
By Kimberly Palmer

Full article is below and online at usnews.com

.......

With banks tightening lending standards and interest rates headed north, where do you turn? For 90 million Americans, the answer is credit unions.

Credit unions, which, unlike banks, are owned and governed by their members, are often misunderstood as exclusive places with limited services. But in reality, most Americans are eligible to join them and they provide an increasingly diverse array of services, including free ATM use, electronic banking, loans, and interest-bearing savings accounts.

Here are answers to common questions about credit unions:

Am I eligible to join a credit union? While membership in a credit union depends on belonging to certain communities, such as a workplace, region, or church, Becker says most consumers are eligible, even though many don’t realize it. “Virtually everyone in the nation could find a credit union they could join if they went through the effort,” he says.

So how do you find one? Websites such as NCUA, Find a Credit Union, and the Credit Union National Association can help. In addition, ask around--your employer, spouse’s employer, or local government council can direct you as well.

Do credit unions offer better interest rates? On average, credit unions offer lower rates on loans and higher rates on savings accounts--just what consumers want. This chart from the National Association of Federal Credit Unions shows that the average bank rate on a four-year, new-car loan is 6.92 percent. At credit unions, it’s 5.43 percent. Similarly, a five-year CD for $10,000 returns 3.54 percent at banks on average compared with 3.94 percent at a credit union.

Many credit unions also have limits on interest rates; federally charted credit unions, for example, have an 18 percent limit that applies to all loans, including those for cars and credit cards.

Have credit unions been affected by the current financial crisis? Like banks, credit unions have experienced a rise in delinquencies this year, says Fred Becker, president of the National Association of Federal Credit Unions. But he thinks credit unions are less affected by the crisis than banks because a strong sense of community responsibility drives credit union members to repay their loans on time. “They realize they’re adversely affecting other members if they don’t pay back the loan,” Becker says, adding that at one church credit union, you don’t attend Sunday service without your car payment.

Are deposits insured the same way they are at banks? Yes. Credit unions are insured by the National Credit Union Administration, which provides the same protections--insurance coverage on deposits up to $250,000--that the FDIC provides to banks. NCUA’s website allows credit union members to check on their insurance coverage.

Do credit unions ever collapse? Like banks, credit unions can fold but, also like banks, that usually means they merge with another credit union. Regardless of what happens, members are protected through the NCUA insurance. NCUA says if a federally insured credit union does fail, members typically receive payments for their deposits within three days.

What about financial literacy--can a credit union teach me how to make smart money decisions? Credit unions pride themselves on being a top source for financial information. Many offer seminars and information on topics such as preventing identity theft and managing credit cards. More information on any of these topics can be found at the NCUA website or by contacting your local credit union.

Shaky Markets have left some Institutions in turmoil while NH Credit Unions continue to prosper.

2008-10-16T17:55:00Z

“We’re in the middle of a very dark tunnel,” said Brian Fabbri of BNP Paribas, as quoted in the Wall Street Journal article: Economists Expect Crisis to Deepen.

It’s been a whirlwind the past couple of weeks for consumers: First the collapse of Lehman Brothers, followed by AIG (American International Group), and ending with possibly one of the worst weeks in the stock market since 2004. After President Bush’s speech to the nation Sept 24, 2008, leading into a Congressional debate about the $700 Billion Bailout, the stock market slowly regained composure. As quickly as the first billion- dollar bailout was vetoed, the stock market dropped by 500 points.

With the stock market playing Russian Roulette with investors’ money, you may be thinking about hiding what little money you have left in a hollowed -out mattress.

For some, a hollowed- out mattress may be a step in the right direction. But for most, it’s an unrealistic idea. While the Credit Crunch bears down on NH, consumers are tightening their budgets, searching for the best deals and taking a second look at their financing options.

With creative financing on home loans mostly behind us, realtors are leaving the task of securing financing to the buyer. If a consumer is in the market to purchase or refinance a home, where does one go these days?

New Hampshire’s credit unions are rapidly growing and continue to produce consumer loans daily. Although the credit crunch is close to home, loans are still available. Home Loan rates are highly competitive even compared to larger lenders. And, with most NH credit unions your mortgage portfolio will not be sold. Also:

Most credit unions did not participate in the Sub-Prime Mortgage craze.
Credit Unions cannot invest in the Stock Market and Federal CU’s cannot invest in Corporate bonds.
Credit Unions are owned by the members (share holders), meaning that the income earned is given back to
members through higher dividend rates and lower interest rates on loans.
As an added bonus, the NCUA (National Credit Union Administration) has increased Share Deposit Insurance
to $250,000.00 per individual through December 31, 2009.

Credit Unions in the News

2008-10-13T19:26:01Z

Credit Unions have been getting a lot of great press lately. Check out these links to stories that have appeared online and in the Wall Street Journal and The Boston Globe.

This story by Brett Arends first appeared in the Wall Street Journal on Aug. 26
http://blogs.wsj.com/roi/2008/08/26/for-better-banking-check-out-a-credit-union/trackback/

This Associated Press Story appeared in the Boston Globe on October 9
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20081008&id=8994598

Celebrate International Credit Union Day

2008-10-08T14:49:00Z

Join credit unions around the world as we celebrate “My Credit Union: It belongs to meTM” on International Credit Union Day, Thursday, October 16th.

Do you know who owns your credit union? YOU do! And that’s just one of the many things that make credit unions unique and one of the membership benefits we’ll recognize as we celebrate International Credit Union Day.

Credit Unions are not-for-profit, democratically controlled, volunteer-run, member-owned cooperatives. We exist to serve our members. Unlike most other financial institutions, credit unions do not pay dividends to outside stock-holders. Instead, earnings are returned to our members in the form of lower loan rates, higher dividends on deposits and lower fees.

At credit unions, every customer is a member and an owner. This year’s International Credit Union Day theme, It belongs to me - celebrates the economic democracy and equal ownership rights of each credit union member regardless of how much money that member may have in savings. Many credit unions will be celebrating the day with special events, refreshments, and/or gifts. Please join your credit union on October 16th as we honor our most valuable asset: our members. You are the reason your credit union exists.

Bill increases NCUA Coverage to $250,000

2008-10-03T16:46:00Z

Deposits in the federally insured credit unions will now be covered up to $250,000 following the passage of the Emergency Economic Stabilization Act of 2008 by the House of Representatives today. The National Credit Union Administration oversees the NCUA federal insurance fund that provides consumers with exactly the same deposit insurance coverage that banks get from FDIC.

The legislation (the “Emergency Economic Stabilization Act of 2008") increases federal savings insurance coverage from $100,000 to $250,000. The increase is temporary, taking effect from the date of enactment of the legislation until Dec. 31, 2009. The temporary increase will mean that consumers with larger deposits in both credit unions and banks can rest assured that their nest eggs are protected by the full faith and credit of the United States Government.

Credit Unions are an Island of Calm in a Sea of Financial Turmoil

2008-09-30T13:10:00Z

The news about the economy, financial markets and the surrounding politics are enough to make your head spin.

There is some good news though. New Hampshire credit unions are safe, financially strong and well positioned to provide the same high quality financial services that they have for the past 100 years.

Why are credit unions in a different position than so many other financial services providers?

First and foremost credit unions concentrate their investments in loans to members. So instead of putting money in new, strange and risky derivitaves we were making good, fairly priced home, auto and personal loans to people who are part of our credit union community. We are member owned so there is an absolute commitment to safeguarding your deposits. Second New Hampshire credit unions are very carefully regulated by New Hampshire Banking Department or the National Credit Union Administration. In addition credit union deposits are insured by the National Credit Union Administration which guarantees deposits up to $100,000 (members can get additional coverage for joint and retirement accounts). This coverage is identical to that offered by the FDIC to bank customers and is also backed by the full faith and credit of the United States Government.

No insured savings has ever been lost by a member of a federally insured credit union

2008-09-25T15:38:00Z

Not one penny of insured savings has ever been lost by a member of a federally insured credit union--Source: NCUA Publication 8046, November 2006

This fact should mean a great deal to Triangle Credit Union (TCU) members because when it comes to your money, safety and soundness of our financial institution matter. Member shares at TCU are insured by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States Government. Share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC). Credit Unions that are insured by the NCUSIF must display in their offices the official National Credit Union Administration’s (NCUA) insurance sign and no credit union may terminate its federal insurance without first notifying its members.

The federal insurance fund has several programs to help insured credit unions that may be experiencing problems--liquidation or failures are a last resort. If a federally insured credit union does fail, however, NCUSIF will make any necessary payouts to the credit union’s members. These payouts are usually done within 3 days from the time the credit union closes its doors. As a member of an insured credit union, you do not pay directly for your share insurance protection--Triangle takes care of the insurance expense on your behalf.

There are some commonly asked questions regarding the general rules and limitations that apply to insurance deposits, which are:

- Insurance is separate with each insured credit union; however, a “branch” office of a credit union is still part of the insured credit union.
- All accounts with the same credit union, owed by the same owners in the same “ownership” category, are treated as one account for the insurance limits. This means that opening a number of accounts with the same credit union will not, by itself, increase share insurance. The “ownership” of the accounts must also be different.
- Federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), which is $100,000 as of April 1, 2006--per
account ownership.
- Individual retirement accounts (IRAs), as qualified under Section 408(a) of the Internal Revenue Code, are separately insured up to $250,000 for the owner of the IRA.

For additional information and account rules, pick up the NCUA brochures at your local and convenient TCU branch or request copies by .

The Credit Union Difference Defined

2008-09-24T19:19:00Z

Many people do not see a distinction between these very different types of institutions and that is a shame. Because, while you can get many of the same financial products from a variety of providers, their fundamental approach to doing business may eventually have an impact on how well you sleep at night.

Credit unions are not-for-profit democratically controlled financial cooperatives. Here is what that simple definition means to you..

To begin with, credit unions are not-for-profit. This simple phrase distinguishes the credit union as a business that exists for a purpose other than enriching its owners. The purpose of the credit union is to provide high-quality, low-cost financial services. On the other hand the purpose of a for-profit institution is quite simply to generate a profit and if they provide good products and services while doing so that is an added benefit.

Because credit unions are not-for-profit they can and usually do offer the consumer lower rates on loans, higher rates on savings, and fewer and smaller fees on accounts. Revenue that would be handed to third-party owners as a corporate profit is instead returned to the members by improving product, price, and service.

Perhaps the least widely known or understood part of this credit definition is the idea of democratic control. The notion that a consumer has the opportunity to voice equal control over the future of his or her financial institution is outside the experience of most consumers. While democratic control might not be fully appreciated but it is what ensures that the credit union will be run for the benefit of all its members.

Democratic control makes the credit union a part of the communities it serves rather than an engine of profit seeking markets where it can reap maximum revenue. Individual credit union members who determine the future of the credit union have no better use for the capital that the institution controls than to continue the credit union’s mission of service to the community. The stockholders who own the bank are always on the look out for a way to make the bank more profitable, including merging or selling out of a market.

The last of the three core components of the definition is the idea of the credit union as a financial cooperative. A cooperative business is one which is established to benefit all of its members/owners. This notion of a financial business as a shared resource that brings value to all of its members has been with the credit union movement since its inception and it clearly separates credit unions from all other financial businesses.

Credit unions are the most successful and widespread of cooperative business in the United States. This form of ownership provides a useful, in fact an essential, check on the conglomerates that are exercising increasing control over retail commerce. Businesses that are run by and for the people who use them set pricing and service benchmarks that benefit all consumers.

New Hampshire credit union television spots

2008-09-11T13:24:01Z

The New Hampshire Credit Union League Credit Union Owners television spot is currently running NH cable stations and New Hampshire Public Television. It will run on WMUR Channel 9 in the spring.

The New Hampshire Credit Union League Healthy Money television spot is currently running NH cable stations and New Hampshire Public Television. It will run on WMUR Channel 9 in the spring.

The New Hampshire Credit Union League Bag of Money television spot ran on WMUR Channel 9 and New Hampshire Public Television from September 2007 to 2008.

The New Hampshire Credit Union League CEO television spot ran on WMUR Channel 9 and New Hampshire Public Television from September 2007 to 2008.

NEW HAMPSHIRE CREDIT UNION LEAGUE HOSTS MAKE-A-WISH NIGHT AT NEW HAMPSHIRE FISHER CATS GAME

2008-09-10T10:46:00Z

The New Hampshire Credit Union League (NHCUL) hosted the inaugural New Hampshire Credit Union/Make-A-Wish Night at the New Hampshire Fisher Cats (Double-A affiliate/NY Giants) vs. Connecticut Defenders (Double-A affiliate/NY Yankees) baseball game on Saturday, August 2, 2008. More than 4,500 spectators attended the game, including 400 New Hampshire credit union employees, friends and family members.

“I am pleased to announce that more than $1,600 was raised for Make-A-Wish Foundation® of New Hampshire (Make-A-Wish) at the Fisher Cats vs. Connecticut Defenders baseball game,” stated NHCUL President and Social Responsibility Committee Chairman, John R. Young. “Representatives from two New Hampshire credit unions volunteered their time to work a concession stand and sell 50/50 raffle tickets to raise funds for Make-A-Wish. A portion of the game’s ticket sales were also donated to Make-A-Wish,” added Young. “Fundraising events, such as the Fisher Cats game, are just one of the many fundraising events the NHCUL conducts annually for Make-A-Wish. For the NHCUL to reach its’ 2009 fundraising goal of $150,000 for Make-A-Wish, events such as the NH Fisher Cats games are essential,” added Young.

The highlight of the evening was the first pitch, repeated five times, by five children involved with Make-A-Wish. These five children had the opportunity to meet members of the Fisher Cats, receive autographs and sing the National Anthem with the team on the field. Julie P. Baron, CEO of the Make-A-Wish Foundation® of New Hampshire, an organization that strives to grant wishes of children with life-threatening medical conditions, thanked the NHCUL for their contribution. “Seeing the smiling faces really speaks volumes for the joy this evening was able to bring to these Wish Children. Hearing Wish Child Steph, tell the story of how throwing out the first pitch helped her gain the strength to accomplish something she never thought she would do is truly inspirational. Our Wish Dad Ken, commented on how both his children now have a lasting memory to share at Show and Tell this school year, along with their autographed NH Fisher Cats baseball! The NHCUL truly helps enrich the human experience with hope, strength, and joy throughout the year, we can not thank them enough for their gracious contributions,” stated Baron.

New Hampshire Credit Union Leagues is a trade group representing New Hampshire’s 26 consumer owned credit unions. Credit unions are not-for-profit financial cooperatives and offer a variety of consumer financial services to over 403,000 New Hampshire residents and more than 85 million Americans.

New Hampshire credit unions reach one million dollar fundraising goal for Make-a-wish

2008-08-22T14:48:00Z

The New Hampshire Credit Union League’s 8th annual Richard D. Mahoney Credit Union Charity Golf Tournament held on June 19th 2008, at Canterbury Woods Country Club, raised $70,000 for the Make-A-Wish Foundation of New Hampshire. The success of this event—coupled with eleven years of dedicated philanthropic fundraising by NHCUL’s 26 credit unions—brings the total raised for Make-A-Wish to $1,053,000.

The success of the Richard D. Mahoney Credit Union Charity Golf Tournament and the NHCUL’s overall support of Make-A-Wish have grown over the past eight to twelve years respectively. “This year alone we had more than 130 golfers, 20 volunteers, and five consistent corporate sponsors—TRICORP Federal Credit Union, SYNERGENT, CUNA Mutual Group, Fiserv Summit, Equifax—that allowed us to exceed our goal. Our total fundraising goal for NH’s Make-A-Wish this year was $140,000. I am pleased to announce that we exceeded our goal by $10,000,” said John R. Young, Social Responsibility Committee Chairman and newly elected NHCUL Board Chairman. “The golf tournament assists us in reaching half of our annual goal. Throughout the year credit unions participate in fundraising events ranging from candy bar sales to hockey games to raise additional funds,” added Young.

“Raising more than one million dollars over the past twelve years was a significant milestone for NHCUL and I attribute this to our credit unions, employees, corporate donors and the more than 403,000 credit union members here in New Hampshire. Anyone who has been involved with Make-A-Wish knows how important this organization is to the well being of the children and families they serve,” said Young.

Julie P. Baron, CEO of the Make-A-Wish Foundation of New Hampshire, an organization that strives to grant wishes of children with life-threatening medical conditions, praised the NHCUL for their contributions. “It is the sheer joy of a wish that is the most powerful medicine of all. Our partners; the credit unions across New Hampshire have made that possible. Thanks a million.” said Baron. The contributions made by NHCUL to Make-A-Wish represent the largest corporate donation to date, according to Baron.

Michael L’Ecuyer elected Vice-Chairman for New Hampshire Credit Union League

2008-07-29T10:35:00Z

At the 54th annual meeting of the New Hampshire Credit Union League (NHCUL) held at the Mt. Washington Resort on June 7, 2008, Michael L’Ecuyer was re-elected by NHCUL’s nominating committee to serve a third term and voted by the Board to serve as Vice-Chairman. During his two terms on the NHCUL Board, L’Ecuyer served as Secretary/Treasurer for two of the six years he has served.

“The NHCUL has a long history of supporting credit unions and their members. Credit unions have a demonstrated track record of success in helping people meet their financial goals and fulfill dreams. I look forward to supporting New Hampshire credit unions as they serve their members and communities in these challenging times,” said L’Ecuyer.

For the past seven years, L’Ecuyer has been affiliated with Manchester-based Bellwether Community Credit Union (BCCU) as President/CEO. During his tenure as President/CEO, institutional assets at BCCU have grown from $195 million to nearly $300 million.

A resident of Bedford, New Hampshire, L’Ecuyer received a B.A. degree from Elon University and an MBA from Southern New Hampshire University. L’Ecuyer serves as a director of America’s Credit Union Museum and Vice Chairman of the Palace Theatre Trust, both in Manchester. and New England Automated Clearing House, located in Burlington, MA. Since 2003, L’Ecuyer has served as Vice Chairman of the Palace Theatre Trust in Manchester and is also serving as Chair-Elect of the 900-member Manchester Chamber of Commerce.

New Hampshire Credit Union League (NHCUL) is a trade group representing New Hampshire’s 26 consumer-owned credit unions. Credit unions are not-for-profit financial cooperatives that offer a variety of consumer financial services to over 403,000 New Hampshire residents and more than 85 million Americans.

Gerald Dumoulin elected to the Board of Directors for New Hampshire Credit Union League

2008-07-25T10:21:01Z

At the 54th annual meeting of the New Hampshire Credit Union League (NHCUL) held at the Mt. Washington Resort on June 7, 2008, Gerald Dumoulin was elected to serve on NHCUL’s Board of Directors. Dumoulin has served as NHCUL’S Northern Chapter President for the past six years, as well on the Convention, and Federal and State Legislative Activities Committees.

“I’m honored to serve on the NHCUL Board of Directors and look forward to serving the needs of all credit unions in New Hampshire. This is an exciting time for credit unions throughout New Hampshire. This past year New Hampshire credit unions have met or surpassed several significant goals,” said Dumoulin. “The NHCUL’s Community Outreach program, which
in 2003 established a goal of providing $35 million dollars to New Hampshire’s low-and-moderate income families over five years, allocated more than $70 million within four years,” added Dumoulin.

For the past 34 years, Dumoulin has been affiliated with Berlin-based Guardian Angel Credit Union (GACU) and has served as CEO of GACU for the past 22 years. During his tenure as CEO, institutional assets at GACU have grown from $10.4 million to more than $41.6 million.

A life-long resident of Berlin, Dumoulin received a B.S. degree in Business Administration from the University of New Hampshire. Dumoulin also serves on Berlin’s Industrial Development Board and was elected to serve as the city’s treasurer in 2006.

John R. Young elected Chairman of the Board of Directors for New Hampshire Credit Union League

2008-07-18T10:25:00Z

At the 54th annual meeting of the New Hampshire Credit Union League (NHCUL) held at the Mt. Washington Resort on June 7, 2008, John R. Young was chosen as Chairman of the Board of Directors. A member of NHCUL’s Board of Directors for nine years, Young most recently served as Vice Chairman of NHCUL’s Board of Directors, as well on the Social Responsibility, and Federal and State Legislative Activities Committees.

“It’s an honor to be selected to serve as Chairman of the Board of Directors for NHCUL. This is an exciting time for credit unions throughout New Hampshire. This year marks the 100th anniversary of the nation’s credit union movement, which originated right here in New Hampshire. More than 403,000 New Hampshire residents and 85 million Americans are utilizing a variety of financial services offered by credit unions, and collectively, our credit unions in New Hampshire have met or surpassed several significant goals,” said Young. “The NHCUL’s Community Outreach program, which in 2003 established a five year goal of providing $35 million to New Hampshire’s low-and-moderate income families, doubled that goal and allocated $70 million. In addition, $1,053,000 was raised by New Hampshire’s 26 credit unions for the Make-A-Wish Foundation® of New Hampshire,” added Young.

For the past eighteen years, Young has been affiliated with New Hampshire Federal Credit Union (NHFCU) and has served as President/CEO of NHFCU for the past fourteen years. During his tenure as President/CEO, institutional assets at NHFCU have grown from $60 million to more than $220 million.

A resident of Concord, Young received both an MBA degree and Advanced Certificate in Finance from Southern New Hampshire University. Young also serves on several corporate committees including the Supervisory Committee of the Massachusetts based corporate credit union, EasCorp, and the Outside Nominating Committee of Northeast Delta Dental.