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‘Mission-Driven’ Catholic Credit Unions Offer Members Essential Financial Lifeline
(OSV News) — At the height of the COVID-19 pandemic, Catholic dioceses across America struggled to keep employees on the payroll as offices and schools closed. With churches empty and donations in decline, their best hope for help was the federal government’s Paycheck Protection Program, known as the PPP.
Established by the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020 — and implemented by the Small Business Administration with support from the Treasury Department — the PPP provided funds for payroll costs, including benefits.
All that was required was to apply through a participating lender.
But that’s where things got tough — some big banks not only didn’t want to help dioceses with loans, they wouldn’t even talk to them.
Robert Kloska — a trustee of Catholic Credit Unions of America and director of partnerships at Notre Dame Federal Credit Union — told OSV News that one California diocese reported, “Our bank won’t even return our phone calls — they’re completely ignoring us.”
That’s when Notre Dame FCU — a Catholic credit union launched in 1941 at the University of Notre Dame in Indiana, with more than 54,000 current members — put nearly $900 million in assets to work for the church. It ultimately arranged $230 million in PPP loans — including to 17 dioceses and 850 Catholic parishes and schools.
“We were one of the top PPP lenders in the country,” Kloska said, “because we didn’t prioritize profitability — we served our mission. And in a bank, if there are more profitable things to do, they can ignore the church. But we didn’t do that.”
In 1960, there were more than 825 credit unions in the U.S. with Catholic affiliation. Now, there are fewer than 100.
Credit unions—not-for-profit financial institutions owned by their members—are, Kloska noted, a unique reflection of Catholic values.
“Credit unions, by structure, instantiate many aspects of Catholic social teaching,” he explained. “The idea of people participating and being empowered in their own financial health — by owning the institution they bank with — takes them from being customers at the whim of the corporation,” Kloska said. “They become stakeholders.”
Brian McCue — president and CEO of Unity Catholic Federal Credit Union, founded in 1942 and serving 9,000 members in the Diocese of Cleveland — agrees.
“We can support our community more closely because we’re in touch with them — we know their needs and we’re more agile in making decisions,” McCue said. Unity Catholic, with $94 million in assets, will lend to someone a bank might not consider, “because we know who they are and we know where they’re coming from,” he said.
Operational priorities, McCue emphasized, are different.
“As credit unions, we’re not beholden to shareholders to make a profit and make money — we’re beholden to our members to help them manage their lives,” he added. “Just as you would be supported in your faith at church,” McCue suggested, “when you come to us, we support you with your finances.”
Popes past and present—including Pope Francis, Pope Benedict XVI, St. John Paul II, St. Paul VI, St. John XXIII, and Pope Pius XII—have advocated credit unions. St. Pius X—as a parish priest—even organized credit unions for his flock.
Canadian-born American priest Monsignor Pierre Hevey — pastor of Sainte-Marie Parish in Manchester, New Hampshire — is credited with founding the first U.S. credit union, La Caisse Populaire, Ste-Marie (The People’s Bank), in 1908.
Intended to serve Monsignor Hevey’s parishioners—predominantly French-American mill workers—it still operates in Manchester. Its website proudly states: “It costs no more to be a member of St. Mary’s Bank now than it did in 1908. For only $5, anyone can become a member by purchasing a share of the capital stock.”
When St. Ann’s Arlington Federal Credit Union opened in 1949, manager Mary Green said, it helped members with mortgages. But by 2024 — with $3 million in assets and the average home listing in Arlington, Va., at $809,000 — its offerings have necessarily changed.
Located in the Diocese of Arlington — a suburb just outside Washington — the bulk of St. Ann’s business now is new and used auto loans and auto title loans, as well as unsecured (signature) loans up to $10,000.
“There are people sitting in the pews next to us at St. Ann Parish in Arlington who don’t know how they’re going to put food on the table,” Green noted. “You don’t know who these people are — because they don’t wear a sign around their neck that says so. But Arlington is a very expensive place to live, and there are people in great need.”
About a dozen large accounts — on a percentage basis — make up the bulk of deposits. Their holders, Green said, keep their money with St. Ann’s because they believe in its ministry.
“People of all income levels will borrow from us,” she shared. “But our ministry is making unsecured loans to people to keep them away from predatory lenders and to keep them out of credit card debt.”
In Virginia — which has some of the weakest consumer protections in the United States — short-term loan and title lenders can charge annual percentage rates in excess of 300%.
“I consider it a victory,” Green said, “when someone who has borrowed from us comes back to me before they make a financial mistake.”
Green also offers credit counseling. The sessions, she said, always start the same way.
“I will say three things: It’s all confidential; there’s no judgment here; and you didn’t get into this situation overnight, and you’re not going to get out of it overnight. But we’re going to try to look at your situation and find solutions,” she explained.
“And I can’t tell you how many times, that’s when someone starts crying,” Green told OSV News. “What they usually say is, ‘I never imagined I could get to a place like this, and someone would do this.’”
Holy Rosary Credit Union in Kansas City, Missouri — founded in 1943 by Italian immigrants, all parishioners of the city’s Holy Rosary Parish — is also no stranger to the payday lending industry.
“When I came to Holy Rosary, that was my main goal: I was going to fight payday loans,” said President Carole Wight, who diligently crafted a program to combat them.
“But I realized, ‘Carole, that’s not enough. They need to have cars to drive to work.’ And then I realized, ‘Carole, that’s not enough. They need to have decent homes to live in,’” Wight recalled. “And then I thought, ‘Carole, that’s not enough. They need businesses, because immigrants typically gain wealth by starting businesses.’”
And so it is for Wight, who in 16 years has grown Holy Rosary’s assets from $8.9 million to $43 million. Two recent robberies — no one was injured in either incident — were the only such incidents in his era.
Holy Rosary’s Italian immigrant founders “joined this credit union to survive,” Wight explained. “They literally couldn’t borrow a dime anywhere to buy a mattress to lay their heads on.”
Immigrants faced extreme discrimination, Wight noted.
“The chairman of the board — when I arrived — told the story of (how) as an 8-year-old boy, he was walking to see his grandmother, who worked in the garment industry as a seamstress,” Wight said. On the way, he was stopped by police. “He had gone under the bridge into town — he had left the neighborhood,” Wight explained. Put in a police car and taken to the station, he was later brought back to where he was picked up, but with a warning: “‘Never leave your neighborhood again.’ So that was the kind of prejudice they had to face.”
Holy Rosary still largely serves people in poverty — 97 percent of its members struggle financially.
Wight proudly tells the story of Anna, a homeless mother of three boys. The family was living in their car when they were referred to Holy Rosary by a local social services provider.
“Anna did everything we asked her to do,” Wight shared. “And we closed on her home with a 740 credit score just one year after our first meeting.”
“We meet needs that otherwise would not be met,” Wight emphasized. “We are truly mission-driven. We seek out the people that others don’t want to serve.”
Kimberley Heatherington writes for Virginia’s OSV News.
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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