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CU System
Missouri CU leaders in article on U.S. Central impact
KANSAS CITY, Mo. (5/21/09)--The Kansas City Business Journal featured two credit union leaders in a May 15 article about U.S. Central FCU.'
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Titled "Effects of U.S. Central Federal Credit Union Takeover Ripple Through System," the story included information from Missouri Credit Union Association (MCUA) President/CEO Rosie Holub and Kansas City-based CommunityAmerica CU CEO Dennis Pierce (The Missouri difference May 20). "Although retail credit unions didn't participate in subprime loans, corporate credit unions were given the powers to invest in securities," said Holub in the article. "They invested in AAA securities, thought to be the safest there were, but the underpinning home values were highly inflated and eventually brought the ratings of those securities down." Pierce noted a significant distinction that sets credit unions apart from other financial institutions. "The interesting thing with our situation is that to date we've been able to manage the cost of this event internally within the Credit Union System," he said. "There has not been any government funds used in that process. While there is some financial impact, we are still safe and sound institutions that are aggressively trying to take care of consumer needs." To read the article, use the link.
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