WARNER ROBINS, Ga. — Robins Federal Credit Union has found itsnew leader from within.
Former Robins FCU Executive Vice President John R. Rhea has beennamed president/CEO. He succeeds John Ruffin, who retired Dec. 31after a 37-year career in the credit union industry.
Rhea, who has been with the $1 billion credit union since 1996, hasover 30 years experience in the financial industry. A native ofPittsburgh, he graduated from Pennsylvania State University with abachelor's degree in finance.
–[email protected]

UW CU Keeps College Within Reach

MADISON, Wis. — UW Credit Union is helping keep college withinreach for some deserving students.
The credit union has raised more than $1.5 million in scholarshipfunds to help future University of Wisconsin and Madison areaTechnical College students.
As a provider of educational loans, the credit union decided tostart the fund to help keep attendance within reach of morestudents.
UW Credit Union started the fund with a pledge to each of thecampuses, and then agreed to match member contributions dollar fordollar. Donations were accepted online and at the credit union'sbranches from October through December 2008. In addition to the UWCredit Union match, some of the university's foundations stepped into offer their own matching gift.
The funds raised will be placed in a permanent endowment, with theearnings given as aid to students who have been accepted into theschools but are unable to afford the cost of attendance. Theschools will select scholarship recipients each year based onfinancial need.
“Wisconsin residents have reason to be proud of our excellentuniversities, but there is an urgent need to make sure talentedyoung people are not excluded, simply because they can't afford toattend,” said UW Credit Union President/CEO Paul Kundert.
“Some families simply don't have the capacity to borrow what isneeded to meet the gap in the cost of attendance. We are verypleased with the great reaction of our members to the scholarshipfund and their willingness to donate. We hope they have a positivefeeling knowing they have helped provide students with theopportunity to receive higher education from a college oruniversity in Wisconsin.”
–[email protected]

CEEL Blames Illiteracy for Crisis

WASHINGTON — The Center for Economic and EntrepreneurialLiteracy recently released a new survey determining a need forincreased education on personal finance and economic issues.
The national survey revealed that an overwhelming number ofAmericans are unable to answer some of the most basic questionsabout borrowing, interest rates, terminology and even basic math.In addition, many respondents admitted to making poor decisionswith their own personal finances.
The survey finds that 54% of respondents could not identify what asubprime mortgage is, 56% could not identify a FICO score as themost important factor in getting a loan and 35% admitted to nothaving a family or personal budget that would allow them toeliminate their credit card debt by the end of 2009.
“Economic illiteracy is at the heart of our current economiccrisis,” said James Bowers, managing director for CEEL. “As manyAmericans find themselves knee-deep in mortgages that are far tooexpensive and that they don't understand, it's troubling to seejust how deep our economic illiteracy runs. In fact, our surveyshows that a majority of Americans don't understand even the mostbasic facts about the economic crisis and many don't have the toolsto manage their personal finances. It is clear that we need toincrease personal finance education at all ages so we have betterinformed employees, borrowers, and voters.”
–[email protected]