During my tenure at IMA, Iâve spoken on accounting regulatory issues, providing testimony to U.S. Congress on internal controls and risk management as it relates to Sarbanes-Oxley implementation, appearing before the SEC and PCAOB on critical regulatory matters impacting U.S. global competitiveness, and I served as a member of the COSO (Committee of Sponsoring Organizations) board of directors, which delivers global guidance on internal controls and enterprise risk management.
1.) Credit unions spend more on marketing than you think. Credit unions were once seen as a quaint, sleepy little corner of the financial industry. Not anymore. The top 10 credit unions invest $155 million annually on marketing, and the top 100 credit unions spend a combined $400 million on advertising and related educational expenses.
For new car loans, credit unions offered an average interest rate for 48-months of 2.64 percent compared to 4.78 percent for banks. The average interest rate for credit card loans at credit unions was also lower at 11.55 percent compared to 12.89 percent for banks.For deposits, SNL Financial found credit unions, on average, had higher 5-year CD interest rates at 1.34 percent compared to banks at 1.15 percent.In the same survey, credit unions and banks had comparable interest rates for 30-year fixed mortgages (4.29 percent vs. 4.28 percent for banks).n general, credit unions offer higher savings rates and lower loan rates. This means your savings will grow faster and you will owe less over the life of your loan. Credit unions also tend to charge less in fees, require lower minimum deposit balances, and offer better interest rates on credit cards.