Mica: Bankers tell tall tales about CU competition

WASHINGTON (4/6/07)--In his most recent video blog posting, Credit Union National Association (CUNA) President/CEO Dan Mica says bankers are engaged in a game of doubletalk when it comes to credit union competition.

The video is the latest post on Mica's blog, The Mica Minute, found at www.danmica.com. The forum features Mica discussing current credit union issues in one-minute video clips. Credit union activists can comment on each post.

Mica says Congress hears false rhetoric about credit unions from banking trade groups, who then turn around and show dues-paying banks real statistics that prove otherwise.

For example, Mica says the March 2007 edition of the ABA Journal asks bankers to indicate their leading business lending competition. The results:

• Other community banks: 50.7%
• Big banks: 43.2%
• Credit unions: 1.9%

"That's not the story they tell the Congress," Mica observes.

"Credit unions fill a vital need for members who need small business loans they can't get anywhere else, certainly not from banks," says Mica in the one-minute video post.

Use the resource links to access Mica's blog, or go to www.danmica.com.

Copyright © 2008 - Credit Union National Association, Inc. All rights reserved. Reproduction is prohibited without written consent.