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
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
16 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
16 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
17 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
18 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
20 hours ago