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Washington
Military CU virtues overlap Fryzel tells DCUC
NEW YORK, N.Y. (8/25/11)--The shared military and credit union values of discipline, cooperation, and long-term planning are among the reasons that defense credit unions remain some of the most successful credit unions in the country, National Credit Union Administration (NCUA) board member Michael Fryzel said before the Defense Credit Union Council’s annual conference in New York, N.Y. this week. “Credit unions take only enough money to stay in business and thereby assure that they are delivering the best products and services to their members at the lowest possible prices,” he added, also thanking defense credit unions for supporting their communities through hardship and deployment. Military families “should not have to worry about high fees, or high loan rates, or lenders looking to enrich themselves at military families’ expense” while their loved ones are in harm’s way or simply dealing with “the daily struggles of military life,” Fryzel said. While the nation, and credit unions, have faced unprecedented economic issues in recent years, Fryzel said that “we need to remember not a single credit union member lost a penny of insured funds, credit unions took care of their problems without a taxpayer bailout, and every wire transaction, payment and transfer was accomplished without interruption.” Fryzel in his remarks also credited defense-based credit unions, and credit unions in general, for working “with members to help them stay in their homes, hold onto their cars, and keep paying their loans.” For the full speech, use the resource link.
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