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Economy

Alabama Credit Unions announce policy on coronavirus

Brandon Moseley

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The Alabama Credit Association says that Alabama’s credit unions have been working diligently to meet the financial needs of the states’ families and businesses during the coronavirus pandemic.

“On behalf of our credit union members, we want to share the following important information with you,” the Alabama Credit Union Association said in a statement.

The association said financial institutions are prepared and able to be a source of strength for the communities they serve, and money is safe in National Credit Union Administration (NCUA) and Federal Deposit Insurance Corporation (FDIC) insured financial institutions.

“Not a penny of deposits insured by NCUA has ever been lost,” the ACUA assured depositors. “The safest place for our money is in an insured depository institution. Up to $250,000 is the basic amount covered by federal insurance for single amounts at any insured institution. Additional coverage may be available depending on the account type and structure.”

Greg McClellan is the administrator of the Alabama Credit Union Administration.

“The Alabama Credit Union Administration is continually communicating with credit unions to offer assistance during this pandemic,” said McClellan. “Credit unions are insured by the NCUA up to $250,000. Credit unions we have been in contact with have been striving to provide excellent service to their members, and we continue to provide assistance to them.”

State Rep. Chris Blackshear, R-Phenix City, is the chairman of the Alabama State Committee on Financial Institutions.

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“In these uncertain times, it is great to see the Alabama Credit Union Association and their member credit unions stepping up to ensure Alabamans that their money is safe and secure,” Blackshear said. “I also want to thank all of Alabama’s credit unions for stepping up to help their members and communities as we adjust to the new normal in our great state.”

Patrick La Pine is the CEO of the League of Southeastern Credit Unions.

“Alabama’s credit unions remain open and ready to serve their members during this difficult time,” said CEO La Pine. “Credit unions are integral parts of their communities – and they understand the challenges their members face. During this trying time, Alabama credit unions will continue to do what they’ve always done: help consumers, families, businesses and communities through their challenges. Credit unions are also doing everything possible to make sure their teams are safe while still offering personalized service.”

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“As always, in Alabama, we pull together, we do the right things for the right reasons and we come out stronger at the end,” said State Senator Tom Whatley, R-Auburn. “Our credit unions are no exception. They understand what difficulties may lie ahead for their members, our constituents and they’re helping now, not later before it’s too late.”

“Many people across the state of Alabama rely on credit unions to handle their financial needs, and they should continue to feel confident in investing their money in NCAU-insured and backed credit unions during the COVID-19 pandemic,” explained Rep. Jeremy Gray, D-Opelika. “Credit unions across the state are taking every proactive measure they can, in conjunction with the League of Southeastern Credit Unions and the Alabama Credit Union Association, to ensure they can meet the needs of all of their current and new members.”

More information on NCUA insurance coverage is available here.

The ACUA said that consumers and businesses should know “credit unions are working proactively with borrowers experiencing challenges in the current environment.”

“Each credit union is eager to work with you for a solution customized to your situation,” the association said. “Financial institutions have responded positively to all Gov. Kay Ivey’s and President Donald Trump’s directives. Furthermore, business continuity plans were already in place and are being exercised.”

The ACUA added, “Lobby access may be restricted at certain credit unions, but we’re open for business.” For more information about your institution, check your financial institution’s webpage or LSCU’s list of CU changes. “Drive-through service, when available at a branch, is open for transactions.”

Individual appointments for in-person meetings are being scheduled; while technology platforms give ready access to online services like bill pay, remote depositing of checks and ATMs for cash. You can also take advantage of the United States’ world-class payments system and use mobile payment channels and debit cards or credit cards to make purchases.

Many criminals are using the coronavirus to scam consumers. Be on guard for potential scams.

The Alabama Credit Union Association is an affiliate of the League of Southeastern Credit Unions and represents credit unions in Alabama. The LSCU & Affiliates represents 333 credit unions in Alabama, Florida and Georgia, with a combined total assets of more than $120 billion and more than 10.3 million members. The LSCU provides advocacy and regulatory information; education and training; cooperative initiatives (including financial education outreach).

Brandon Moseley is a senior reporter with eight and a half years at Alabama Political Reporter. You can email him at [email protected] or follow him on Facebook. Brandon is a native of Moody, Alabama, a graduate of Auburn University, and a seventh generation Alabamian.

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Economy

New unemployment claims decreased last week

Fewer people joined the unemployment rolls last week compared to the week before.

Micah Danney

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(STOCK PHOTO)

There were 7,964 new unemployment claims filed in Alabama last week, down from 8,581 filed the previous week, according to the Alabama Department of Labor. 

Of the claims filed between Oct. 11 and Oct. 17, there were 4,032 related to the COVID-19 pandemic. That’s 51 percent, compared to 36 percent the previous week.

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Economy

Governor announces auto supplier IAC plans Alabama expansion

IAC is committing $34.3 million in new capital investment to expand its new manufacturing facility located in Tuscaloosa County.

Brandon Moseley

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(STOCK PHOTO)

Gov. Kay Ivey announced Monday that International Automotive Components Group North America Inc. plans to invest over $55.9 million in expansion projects that will create 182 jobs at two Alabama facilities.

“International Automotive Components is a leading global auto supplier, and I am pleased that this world-class company is growing significantly in Alabama and creating good jobs in Cottondale and Anniston,” Ivey said. “IAC’s growth plans show that Alabama’s dynamic auto industry continues to expand despite today’s challenging environment.”

Nick Skwiat is the executive vice president and president of IAC North America.

“Alabama was the logical choice due to its skilled workforce and proximity to the customer,” Skwiat said. “We are excited to see the continued growth of the automotive industry in Alabama and we plan to grow right along with it. We thank the Governor and Secretary Canfield for their leadership in this sector.”

IAC is committing $34.3 million in new capital investment to expand its new manufacturing facility located in Tuscaloosa County. This facility will produce door panels and overhead systems for original equipment manufacturers. That project will create 119 jobs at the production site in Cottondale.

IAC also plans to invest $21.6 million at its manufacturing facility located in the former Fort McClellan in Anniston. That East Alabama project will create another 63 jobs.

This project builds on a milestone 2014 expansion that doubled the size of the Calhoun County facility. There IAC manufactures automotive interior components and systems. Key components produced at the Anniston plant include door panels, trim systems and instrument panels for original equipment manufacturers.

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IAC Group is a leading global supplier of innovative and sustainable instrument panels, consoles, door panels, overhead systems, bumper fascias and exterior ornamentation for original equipment manufacturers.

IAC is headquartered in Luxembourg and has more than 18,000 employees at 67 locations in 17 countries. The company operates manufacturing facilities in eight U.S. states.

“With operations around the globe, IAC is the kind of high-performance company that we want in Alabama’s auto supply chain to help fuel sustainable growth,” said Alabama Commerce Secretary Greg Canfield. “We look forward to working with IAC and facilitating its future growth in this strategic industrial sector.”

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Danielle Winningham is the executive director of the Tuscaloosa County Industrial Development Authority.

“International Automotive Components is a valued part of Tuscaloosa County’s automotive sector,” Winningham said. “We are grateful for IAC’s investment in our community and the career opportunities available to our area workforce as a result of their investment.”

“The City of Anniston is excited that IAC has made the decision to expand here. I have enjoyed working with the leadership at IAC, the Calhoun County EDC, and the state of Alabama to get this project finalized,” said Anniston Mayor Jack Draper. “This is even further evidence that Anniston is indeed open for business.”

Only Michigan has more automobile manufacturing jobs than the state of Alabama. Honda, Mercedes, Hyundai, Polaris, Toyota and soon Mazda all have major automobile assembly plants in the state of Alabama.

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Courts

Aderholt fully supports Barrett’s confirmation process

Confirmation hearings began last week and a vote on her confirmation is expected in the next week just days before the general election.

Brandon Moseley

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Congressman Robert Aderholt

Congressman Robert Aderholt, R-Alabama, updated his constituents on the confirmation process for Supreme Court nominee Amy Coney Barrett. Aderholt said, “I do support her fully and I know she will defend life, protect the Constitution, and uphold our freedoms.”

Confirmation hearings began last week and a vote on her confirmation is expected in the next week just days before the general election.

“Senate Democrats are not seriously questioning Judge Barrett on her credentials, instead they have decided to attack her character and her beliefs,” Aderholt said. “I am disappointed to see this unfold on the national stage, but I think Judge Barrett stood strong and did well during this first week of hearings.”

“While I do not have a vote in her confirmation process, I do support her fully and I know she will defend life, protect the Constitution, and uphold our freedoms when she is officially sworn in as an Associate Justice on the Supreme Court,” Aderholt said.

Barrett is a Notre Dame graduate, has served on the U.S. Seventh Court of Appeals and is a former clerk for the late Supreme Court Justice Antonin Scalia.

“I clerked for Justice Scalia more than 20 years ago, but the lessons I learned still resonate,” Barrett said. “His judicial philosophy is mine, too: A judge must apply the law as written. Judges are not policymakers, and they must be resolute in setting aside any policy views they might hold.”

Barrett vowed to keep an open mind on any matter that comes before the court, though Democrats fear she is prepared to overturn Supreme Court precedent on abortion rights and the Affordable Care Act.

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That the Republican controlled committee will recommend that Barrett be confirmed appears certain. A vote to confirm Barrett to the nation’s highest court by the full Senate could occur just days ahead of the Nov. 3 election.

President Donald Trump has been the president of the United States for less than four years but if Barrett is confirmed, then he will have selected one third of the U.S. Supreme Court. Barrett fills a place created by the death of the late Associate Justice Ruth Bader Ginsburg, who died in September.

Aderholt is in his 12th term representing Alabama’s 4th Congressional District. He faces Democratic nominee Rick Neighbors in the Nov. 3 general election.

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Economy

New unemployment claims increased last week

More people joined the unemployment rolls last week than the week before.

Micah Danney

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(STOCK PHOTO)

There were 8,581 new unemployment claims filed in Alabama last week, up from 7,732 filed the previous week, according to the Alabama Department of Labor. 

Of the claims filed between Oct. 4 and Oct. 10, there were 3,125 related to the COVID-19 pandemic. That’s 36 percent, compared to 51 percent the previous week.

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