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MCUA CEOs letter to editor highlights trust
ST. LOUIS (12/11/08)--A letter to the editor of the St. Louis Business Journal from the Missouri Credit Union Association President/CEO Rosie Holub highlights credit unions’ trustworthiness at a time when the “blame game is rampant to seek out and punish contributors to this economic meltdown.” The item, entitled, “Credit unions put trust before profit,” appeared in the Dec. 5-11 issue. Holub wrote that “the public trusted the advice of advisors who acted with monetary self-interest,” securities regulators “to carefully scrutinize the underpinnings of complex financial investment instruments” and policymakers to ensure special interest pressures “would not influence their actions at the expense of economic stability. “Many Americans are seeking financial services providers that will renew their faith and trust in a faltering financial system,” Holub wrote. The “good news is that there are providers that put earning and preserving the trust of those they serve before profit—they are called credit unions—a life raft in a sea of economic turmoil.” Holub discussed credit unions’ conservative money management, their federal insurance, and their conservative investments “in the form of loans to their members.” “As others make credit difficult to obtain, credit unions have money to lend because that is their primary purpose—to pool members’ savings and make loans,” she wrote. She noted their People Helping People philosophy and their advancing credit during the Great Depression. “Credit unions were there for people then, and they are there for people today.” Despite today’s economic stress and uncertainty, credit unions continue to maintain public trust. Holub cited yearly independent national surveys that “confirm that credit unions are trusted to consistently act in the consumers’ best financial interests. “Perhaps it isn’t so bad to be a little conservative, and perhaps it is time to take a look at a segment of the financial services industry you can trust,” she concluded. For the full article, use the resource link.
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