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Association’s Bratsakis and APL FCU’s CEO Woodruff Featured in Daily Record

The Daily Record recently caught up with MD|DC Credit Union Association CEO John Bratsakis 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 recent 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.

While not everyone can join every credit union, Bratsakis told the Daily Record, anyone can join a credit union. Each credit union has its own unique membership requirements, but all exist for the sole purpose of providing accessible banking to their members through lower rates on loans and fees.

In the article, the Daily Record points out that 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, telling the Daily Record, “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,”

You can read the full article here.

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