Association CEO, Bratsakis and APL FCU CEO, Woodruff, Featured in The Daily Record

The Daily Record recently caught up with our CEO, John Bratsakis, CUDE, and APL Federal Credit Union CEO, David Woodruff, to find out how credit unions can offer significantly lower rates on credit cards compared to the top 25 credit card companies, saving consumers hundreds each year.

The article references a new study by the CFPB which highlights the disparity in credit card interest rates between large credit card companies and credit unions/small banks, emphasizing the potential savings for consumers.

John Bratsakis, CEO of MDDCCUA, notes, ""The challenge is the larger issuers have considerable resources from a marketing standpoint, but credit unions are more niche-focused."

Credit unions and smaller banks face limitations in marketing their services broadly, yet they distinguish themselves from larger institutions by offering personalized services tailored to their members' needs, thus delivering enhanced value. In addition, credit unions adhere to a statutory interest rate cap, currently set at 18 percent by the National Credit Union Administration.

David Woodruff, CEO of APL FCU, highlights this mission-driven approach, stating, " "We can't and don't necessarily compete with all the bells and whistles that the larger credit card issuers and financial institutions can offer, but we can compete with the overall value. We don't maximize profit. We maximize value through competitive rates and a personal connection to our members,"

The study also underscores the community impact of credit unions, with Bratsakis mentioning, "Credit unions are acutely in tune with what is going on in their local community." Despite challenges in market visibility, credit unions offer consumers a chance to give back and benefit from lower rates and personalized services."

You can read the full article here.