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Catholic credit unions show solidarity

This summer, 11 Catholic credit unions formed a new association, Catholic Credit Unions of America (CCUA), to share best practices and finance larger projects within their parishes, schools and dioceses.

Previously, many credit unions would not have been in a position to loan money for larger projects, such as financing a new gym for their local Catholic school, according to Tom Gryp, president of Notre Dame Federal Credit Union in Notre Dame, Ind. Now, a member union can take the loan to CCUA, giving the borrower a chance to "do business with a financial institution that shares their values."

Related: St. Ann credit union helps parishioners avoid predatory loans

Hoping to "stem the tide" of credit unions going out of business in recent years, CCUA will help lift some of the burden of staying compliant with complex government regulations, Gryp said. It also will help member unions with issues surrounding new products, technology and canon law.

"What we want to do is build up Catholic credit unions in the United States, so that there is a Catholic presence in the financial world," said Gryp.

© Arlington Catholic Herald 2016