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Mica History shows CUs benefit consumers
WASHINGTON (12/21/07)—-Credit Union National Association (CUNA) President/CEO Dan Mica said results of a new study underscores that credit unions are as relevant today as when the U.S. movement began--nearly 100 years ago. The National Association of State Credit Union Supervisors (NASCUS) released the credit union service survey results Wednesday. Mica said even as the U.S. credit union movement approaches its 100th anniversary in 2009, credit unions’ benefit to consumers has not changed. “The NASCUS study illustrates credit unions were created out of a consumer credit crisis early in the 20th century and still, in today's turbulent economic times, hard-working Americans continue to turn to their credit unions for affordable credit,” said Mica. The study found that state-chartered credit unions serve their members in “a manner consistent with their history as financial cooperatives serving groups based on occupation, association or community, by charging lower loan rates and providing higher return on savings.” According to the report, the creation of “cooperative, member-owned credit unions was an innovative response to the unmet demand in the consumer market for access to financial capital at fair and affordable rates.” While credit unions’ principles, structure and consumer benefits have remained constant, Mica said the financial cooperatives “have evolved to fulfill their mandate: Satisfy members’ demand for affordable financial services delivered via modern, convenient channels.” Use the resource link below to access the complete report.
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