Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
In hard times people turn to co-ops CUs
PORTLAND, Maine (2/25/09)--When economic times get tough, people often turn to cooperatives, including credit unions, according to an article in the Portland Press Herald Monday. In addition to credit unions, cooperatives also can include local grocers and food-buying clubs, and cooperatives to provide housing or to provide electricity, the article said. When difficult economic conditions arrive, consumers are seeking security and the ability to combine resources for savings--whether it is financial or otherwise, John Murphy, president/CEO of the Maine Credit Union League, told the newspaper. This trend has been evident in other economic downturns such as the 1980s and 1990s when consumers turned to credit unions for safety, security, local ownership and control--factors that provided people with a level of comfort, he added. Maine credit unions experienced 7.7% asset growth last year, compared with 6% the year before, the paper said. Also, credit union loans rose 5.1%--up from 4% the previous year. Savings grew 6%--down from 6.5%. Considering the troubled economic conditions, 2008 was a very good year for credit union growth in Maine, Murphy told the paper.
Other Resources

RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
10 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
16 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
16 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
18 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
18 hours ago