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

Washington
CUs a solution for consumers Mica tells FOX TV
WASHINGTON (6/5/08)--Especially in today's tough economy, consumers will do well to turn to credit unions for a good deal on financial services, Credit Union National Association (CUNA) President/CEO Dan Mica told viewers of Fox Business Channel in a live television interview yesterday.
CUNA President/CEO Dan Mica prepares to discuss credit unions advantages for consumers during a live FOX Business Channel broadcast yesterday. (Photo provided by CUNA)
"Credit unions are one of the best places people can go in difficult times," Mica said, explaining credit unions typically offer better rates and lower fees because they are not-for-profit cooperatives. "They are not driven by that bottom line and shareholder needs," he said. "In fact every single member of a credit union is an owner of that credit union." Mica also explained why credit unions were not caught up in the subprime debacle, pointing out credit unions as not-for-profit co-ops operate more conservatively and are more apt to hold loans in portfolio. Mortgage delinquency and charge off ratios are both less than 1%, well below bank averages, he added. "Credit unions didn't make these no document loans, these liar loans, exotic loans. They're part of the solution, not the problem, and people who got those kinds of loans are now turning to credit unions for help." The CUNA leader also told Fox Business that most consumers can likely find a credit union they are eligible to join. He offered CUNA's creditunion.coop consumer web site, which includes a credit union locator tool, as a resource.


RSS





print
News Now LiveWire
#Creditunion #SuperBowlXLIX #Commercials @ArizonaFederal w/@kurt13warner #MyComeback
8 hours ago
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
1 hour ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
2 hours ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
3 hours ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
3 hours ago