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
Letter to WSJ editor touts CUs co-ops
NEW YORK (3/6/09)--A letter to the editor of the The Wall Street Journal (March 5) says the country needs to invest in business cooperatives, such as credit unions. "While bank partnerships can mitigate risk-taking by executives, there is no direct benefit to bank customers unless they, too, are shareholders," wrote Pia Duryea of Arlington, Va. "We need to invest in business cooperatives," Duryea wrote. "Credit unions, or financial cooperatives, are distinct from investor-owned businesses. Those who use credit union services own an equal share of the business. As a result, credit unions thoughtfully weigh the risks they take." Duryea cited statistics, saying that as of June 2008, credit unions experienced low levels of delinquent mortgage payments: 0.78% as compared with banks' 2.7%. The letter noted credit unions' better interest rates, reduced fees and democratic control, saving credit union members 11 billion more than bank customers. "So, while partnership is good, cooperation is better," Duryea concluded.
Other Resources

RSS





print
News Now LiveWire
Cheney, La Pine, Middleman join @NCUFoundation board #NewsNow http://t.co/4C14PZpFf5
18 minutes ago
Happy holidays! Here's your gift-report of another data breach: Staples between April and Sept, 1.16M cards at risk http://t.co/jDhJCkf3LC
54 minutes ago
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
16 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
17 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
19 hours ago