- FEBRUARY 2, 2016 MICHIGAN CREDIT UNION LEAGUE -- How Michigan CUs are Helping Fix the State's Bad Credit Score Problem
A personal finance website recently revealed a less-than-positive credit score for the average Michigander. The study ranked average credit scores by city, and while some Michigan cities placed quite well, those were exceptions to the state’s standard. As the Grand Rapids Business Journal relayed, Kalamazoo sits in the nation’s 29th percentile while Detroit finds itself ranked in the 1st percentile.
This begs the question: how are Michigan credit unions working toward revitalizing the state’s average credit score?
- FEBRUARY 2, 2016, MICHIGAN CREDIT UNION LEAGUE -- Collaboration Outside of Industry Nets National Award for One Detroit CU
One Detroit Credit Union is receiving national recognition for partnering with community stakeholders to do the right thing.
The credit union—formerly known as Communicating Arts CU—recently received a Louise Herring Philosophy-in-Action Award from CUNA in recognition of a program providing 0% interest home-rehabilitation loans to Detroit residents. Earlier this year the credit union received a state-level Herring award from the Michigan Credit Union League.
“The award is really exciting—it’s the first one we have earned as One Detroit Credit Union, so that makes it kind of a milestone,” said CEO Hank Hubbard. “We’re excited to be recognized for putting the philosophy into action. It’s really important to us and it’s really rewarding to be recognized, especially on a national stage.”
- NOVEMBER 1, 2015 THE DETROIT NEWS -- No bank-you — Options for RushCard users
There are nearly 17 million adults in the U.S. who are, according to the FDIC, “unbanked.” But if you ask me, it sounds like most of them have been good and roundly “banked,” as in, “Dude, those guys completely banked you off.”
The term “unbanked” is used to describe people, mostly in the low-income brackets, who avoid the formal financial system, turning instead to check-cashing joints, neighborhood liquor stores and prepaid debit cards. This is understandable when you understand that the modern U.S. financial system is a finely honed extraction industry that treats poor people much like coal companies treat the mountaintops of West Virginia: Just dig out what you want and to heck with anyone you hurt along the way.
- MAY 25, 2016 THE DETROIT HUB -- One Detroit Credit Union's Auto Bailout Program is helping Detroiters
By M Lapham
Pay for food or a car? On the surface it seems simple, until you factor in that you need a car to get to work so that you can pay for the food.
Thanks to a high interest rate on her auto loan, that’s the trap LaTonza VanBuren found herself in until she was helped by One Detroit Credit Union’s Auto Bailout Program. The refinancing program is for car loans that are just too high.
The interest rate on VanBuren’s loan was (APR) 22.39%. Add that payment to the cost of paying auto insurance in Detroit, which is among the highest in the country, and she was obviously not in a great financial situation.
- MAY 2, 2016, MI CREDIT UNIONS -- CEO Hank Hubbard Speaks About Detroit's Revitilization
Detroit credit union CEOs talk about the city's revitalization.
- MARCH 17, 2016, WDIV CLICK ON DETROIT -- Protecting Our Members from Credit Card Skimmers
By Paula Tutman, Reporter
Credit card skimmers are becoming far too common around metro Detroit and new technologies could make transactions safer.
- NOVEMBER 10, 2018 DETROIT FREE PRESS -- One Detroit Credit Union lives up to its name to help in the city
By Carol Cain, Detroit Free Press Business Columnist
Fueled by ongoing growth of noncommunication industry members and more business from folks in the neighborhoods, the institution in 2015 again changed its name to One Detroit Credit Union.
To keep up with growth, late next year, it is going to move its longtime headquarters on Howard Street to 10201 E. Jefferson, one block east of Pewabic Pottery.
“We’ve nearly outgrown our Howard Street headquarters and have been considering alternatives for the past year or so,” said Hank Hubbard, president and CEO of One Detroit Credit Union. “Early on in our search, we decided to focus our efforts on neighborhoods where access to credible financial services was limited. We figured that there are plenty of financial services in Midtown and the Central Business District. Our inclusionary vision of how Detroit should be really drove that decision to go where people live.”