Word: unionism
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...China's Hong Kong-owned factories, which employ 10 million people, could be shut down by early next year. That's a big concern to government officials, who will be hard-pressed to cope with a growing army of newly unemployed migrant workers. When Hong Kong toymaker Smart Union abruptly closed its doors in mid-October, hundreds of angry ex-employees crowded outside its shuttered factory in Guangdong province demanding unpaid wages. Says Lau: "I worry that the situation can't be improved...
Members-only nonprofit credit unions are having their turn in the sun as years of sticking to boring, old-fashioned banking practices - they typically hold the mortgages they make on their own books and only dabble in subprime - put them in a position to grab market share while national banks, auto finance companies, credit-card outfits and private student-loan firms cut back on loans. "In good times, you'd say these guys are much too conservative," says George Hofheimer, chief research officer of the credit-union-focused Filene Research Institute. "But in times like these, it's just what...
...Credit unions aren't shy about having money to lend. Speed's outfit, the 126,000-member Texas Dow Employees Credit Union (TDECU), has been running TV spots since August and is doubling its ad budget for the fourth quarter. (At times, TDECU has been accused of being too aggressive: community banks, which have also been faring relatively well, and the FDIC loudly objected when one ad painted the entire banking industry as "under a dark cloud.") To meet loan demand, TDECU is borrowing from corporate credit unions and the Federal Home Loan Bank of Dallas, but even then...
...lending spree is a scene playing out at credit unions across the country, though that's not to say the industry has escaped the financial meltdown completely unscathed. Some 21% of the nation's 8,000 credit unions have lost money in at least one quarter so far this year, and 14 credit unions have run into enough trouble that they've had to be taken over, according to the National Credit Union Administration, the federal regulator that backs deposits at credit unions much like the FDIC does at banks. Credit unions that made home loans in bubbly markets like...
...that the credit crunch is rolling full-tilt into the real economy, even credit unions with the benefit of geography likely won't be able to escape the effects of recession. At the 66,000-member Unitus Community Credit Union in Portland, Ore., loan volume is up this year in nearly every category - 32% in mortgages, 37% in student loans, 12% in credit cards - but so are delinquencies. Since the beginning of the year, late payments have increased from...