WASHINGTON (3/11/13)--This month's edition of News Now's
sister publication, Credit Union Magazine,
features an extensive article highlighting the many benefits of credit union membership.
The story, entitled "CUs Lend Members a Hand," notes that the worst of economic times tend to bring out the best in credit unions. Credit unions during the recent recession did what banks wouldn't: "They stood by their members and extended financial lifelines to those in need. They went the extra mile to help members in financial turmoil," the story says.
The Credit Union Magazine
item provides an extensive chart detailing how much credit union members saved, in total, between September 2011 and September 2012 due to credit unions' fee structure, and rates on savings and loans--a value that adds up to $5.8 billion annually.
Other ways that credit unions helped their members include:
- Compiling a menu of existing products and services for members experiencing financial hardship;
- Accepting higher levels of risk to continue lending to members with declining credit ratings;
- Loans that aim to help members build their credit;
- Training credit union employees to serve as financial educators; and
- Partnering with community organizations.
Similar credit union outreach efforts have also been covered in a number of recent News Now
articles noting how credit unions have helped members facing sequester furloughs. (See March 6 News Now
story: More CUs Preparing Members For Sequestration Issues: A Special Report)
For the full Credit Union Magazine
article, and more engaging stories, use the resource link.