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Leagues full-court press on safety continues
MADISON, Wis. (10/7/08)--Several state credit union leagues are continuing the movement’s push to let consumers know about the safety and soundness of credit unions amid the financial turmoil afflicting the U.S. Here are the steps some leagues that have taken to assure members:
* The Maryland and District of Columbia Credit Union Association Community Outreach Committee is sponsoring a fall ad campaign focused on safety and soundness of credit unions in Maryland and Washington D.C. Thirty-second ads and traffic sponsorships will be broadcast on top-rated radio stations in the Baltimore; Washington, D.C.; and Western Maryland media markets (Focus Newsletter Oct. 6); * The Michigan Credit Union League (MCUL) is deploying a new radio campaign to inform consumers that credit unions are safe, sound and trusted. MCUL hosted two meetings last month with credit unions in the state to discuss a supplemental radio advertising campaign to begin this month. Forty of Michigan’s 50 largest credit unions listened on Sept. 30 to MCUL’s idea of covering the state with radio commercials touting the trustworthiness of credit unions. Later that day, 132 credit unions were presented the idea on a conference call. Both groups responded positively to the idea of the campaign, MCUL said (Michigan Monitor Oct. 6); * A safety and soundness toolkit developed by TCUD is available on the Texas Credit Union League website (LoneStar Leaguer Oct. 6); * The Missouri Credit Union Association (MCUA) has worked with public relations firm Fleishman Hillard to distribute news releases to media outlets statewide about the good shape of credit unions. MCUA staff also have conducted interviews with local media about credit unions’ financial situation. Missouri credit unions grew $555 million in deposits last year--the highest level since 2004; credit unions loan-to- share (savings) ratio is 79%; and credit unions have $1.5 billion available to loan to members, MCUA said (The Missouri Difference Oct. 3) … * The Delaware Credit Union league will highlight the issue of credit union safety and soundness, and the difference between credit unions and banks in this year’s Credit Union Week supplement in The News Journal on Oct. 14 (Together Sept. 30); and * The Pennsylvania Credit Union Association’s Michael Wishnow, vice president of marketing and communications, told a local newspaper that if a credit union issues a mortgage, it’s usually at a fixed rate. The credit union likely will hold the mortgage for its duration, rather than selling it to another bank or mortgage broker in the secondary market. Because credit unions keep the mortgages, they have to be more fiscally conservative, Wishnow told the paper (Bucks County Courier Times Oct. 6) …
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