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IDetroit Free PressI CUs in spotlight amid bank bust
DETROIT (1/26/10)--In the aftermath of the financial crisis, credit unions are being viewed in a favorable light unlike anything before, the Detroit Free Press said Sunday. “The perception of credit unions is more positive than the banking industry,” David Adams, president of the Michigan Credit Union League, told the newspaper. “People are reassessing their banking relationship more than ever.” However, credit unions’ biggest shortcoming is “they don’t promote themselves enough,” Adams added. Credit unions nationwide are being buoyed by a backlash against big banks, wrote Katherine Yung, a business writer for the paper, in an article titled, “Credit unions branching out amid bank bust.” “Though year-end figures are not available, the number of credit union members in the state was expected to hit a record in 2009, surpassing the 4.4--million peak set in 2003,” Yung added. For the first nine months of 2009, lending at Michigan credit unions rose 4.6% and deposits jumped nearly 9%, the league told the paper. Michigan First CU, Lathrup Village, added nearly 15,000 new members in 2009 and loans grew by 10%. “I expect the same level of growth to continue in 2010,” CEO Michael Poulos told the paper. “People are looking for the best value.” The article also was picked up internationally by Global Banking News. See the link. In a separate article, the paper told the story of a Michigan man who was rejected by four banks for a mortgage loan because of home-appraisal problems. He then tried a credit union, which ordered a new appraisal and gave him a loan, allowing him to close on the house within three weeks. See the link.
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