Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUAs Fryzel calls for credit union nation
ALEXANDRIA, Va. (6/11/12)--National Credit Union Administration (NCUA) board member Michael Fryzel last week urged New York credit unions to "take the reins of a movement that is poised on the cusp of greatness, of great expansion, of new popularity" and turn the United States into "a credit union nation."

Speaking before the Credit Union Association of New York's annual convention in Bolton Landing, N.Y., Fryzel praised New York credit unions for their high levels of performance.

New York credit unions, he noted, have grown membership nearly two-thirds the national average, and have grown their member shares at the national average of 18.7%. Loan and capital growth rates have also exceeded national averages. "These are extraordinary results," he said.

"Right now ordinary Americans are seeing the pocket-book advantages of credit unions and opening accounts in record numbers. The credit union business-model makes sense to more and more people every day. People are seeing the advantage of an organization whose board of directors is pledged to work not for a profit but solely for the benefit of the persons who join," Fryzel said.

Overall, he added, credit unions "are a dynamic and developing industry" that can grow to reach every household in America. Those single accounts "can become five, and five accounts can lead to mortgages, auto loans, small business loans," all serving to families keep more of their hard-earned pay than they could by using alternative financial services, he said.

For more on the speech, use the resource link.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
17 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
17 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
20 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
21 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
22 hours ago