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
League CUs in Idaho surviving recession
BOISE, Idaho (5/15/09)--Idaho credit unions have weathered the current U.S. economic recession well, according to Alan Cameron, president/CEO of the Idaho Credit Union League. The state’s first credit union charter was filed in 1934 and now nearly a third of Idaho’s residents (514,000) are members of credit unions with 62 credit unions available from which to choose (Idaho Business Review May 11). “There are places in this state where credit unions are the only financial institution available,” he told the publication. The strength of the credit unions system lies in its conservative nature, Cameron added. “I think that’s a point that needs to be stressed,’ he said. “The incentive of the organization is to find the best possible way to serve the members, building the [credit union] into a strong financial institution. “You do have to charge for your services, you do have to charge interest, but what the focus comes down to is what’s best for the member,” Cameron continued. When asked if credit unions were suffering as much as banks, Cameron drew a line of separation. “We haven't had any [credit unions] close this year,” he told the Review. “I don't want to downplay that, there have been challenges this year. We did have two credit unions that merged this year. They merged in both instances because their fields of membership basically went away or were no longer viable. Those are factors outside our control. In order to protect the members’ money, and provide a continuation of service to the members, often times a [merger] is necessary. It's typical in what we see. “We’ve never had a failure of a credit union in Idaho,” he added.
Other Resources

RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
12 24 ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago