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Public favor shines on CUs, says Philly Trib
PHILADELPHIA (3/18/10)--There has been a resurgence of people moving to credit unions over the past five years, the Philadelphia Tribune said Monday.
"The past five years have witnessed an explosion of interest in what has come to be called 'slow living'--the oldest and most recognizable branch being the slow-food movement," wrote Christopher Moraff in an article titled, "Credit Unions Enjoying a Resurgence."
"As the name implies, the mindset involves embracing all things small and local while rejecting the large, corporate and impersonal," he added. "Since the near-collapse of the economy in 2008 and the recession that followed, consumers are increasingly taking the same concept to heart when considering what to do with their money. The result: There has been a measurable shift of personal wealth from large, corporate banks into smaller community banks and credit unions.
"Credit unions posted 2% membership growth in 2009, according to the Credit Union National Association (CUNA)--the fastest pace since 2001; and 22% of consumers polled by Zogby consider a credit union their principle bank," Moraff wrote.
The growth of credit unions is "impressive and encouraging," Debbie Matz, chair of the National Credit Union Administration, told the paper.
"The 'flight to safety' that landed new deposits at credit unions during the economic downturn continues," she added.
However, despite the credit union renewal, many people still don't know that much about credit unions, Mike Wishnow, executive vice president of communications and public relations for the Pennsylvania Credit Union Association, told the publication.
"The No. 1 reason people don't join a credit union is eligibility; they simply don't know they can belong," Wishnow added.
To read the article, use the link.
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