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.
The number of credit unions offering these loans has increased since 2009, and they number almost 1,200 as of September 2012, according to Callahan & Associates. For example, Digital Federal Credit Union in Massachusetts offers credit builder loans in amounts from $500 to $3,000 at a 5 percent interest rate. The loan amount is deposited into a savings account as collateral, and it can't be touched.