Credit Unions explained. By Wesley Walton

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3M ago 46:10

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Wesley Walton - CEO of Glendale Area Schools Credit Union [GASCU] in this episode takes a deep dive into the structure and operations of credit unions.

GASCU's website: https://gascu.org/

Our substack: https://aftfinance.substack.com/

Our website: https://www.aft.finance/

How do credit unions make decisions, what are the key differences between commercial banks and credit unions, who should consider joining a CU and much more.

Key notes that I took during the interview:Glendale Area Schools Credit Union was founded by 2 school teachers and has over 11,000 members now.
514F - service based nonprofit.
SEG - select employee group
insured by NCUA
Credit unions decrease their numbers by 3-6% but as an industry in asset size and member numbers are growing every year.
1400ish credit unions are on FedNow
stanford credit union was the first to be an online banking website
7 members are board memebers
5 members of supervisory comities - watchdogs of the institution
CUSOs - aggregations of credit unions who want to adopt a new technology for themselves and want to share resources
Interest rates on credit cards issued by credit unions are between 18%-21%
9.9% interest on a credit cards is offered by GASCU. 9.9 people - freaking 9.9
IF YOU HAVE CREDIT CARD DEBT - SWITCH TO A CREDIT UNION

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