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News Now

CU System
CUs, Banks Engaged In 'Twitter Wars,' Say Publications
WASHINGTON (8/26/13)--Two publications have taken note that credit unions and banks are engaged in a battle of tweets--dubbed "Twitter Wars"--over the effort to preserve credit unions' tax-exempt status.

"There is a serious kerfuffle going on in the Twitterverse between banks and credit unions," said an article in the Memphis Business Journal (Aug. 23).

"While most of the country is busy tweeting about Justin Bieber or Alex Rodriguez or the sandwich they just had, advocates for credit unions--specifically CUNA Advocacy (@CUNAadvocacy)--have been trolling advocates for banks--specifically ItsTime2Pay (@ItsTime2Pay)--and vice versa."

It points out that @CUNAAdvocacy is run by the Credit Union National Association while the @ItsTime2Pay is by the American Bankers Association.

The nationwide financial publication American Banker (Aug. 23) also reported that credit unions and banks "are squaring off on a social media front" over the exemption and bankers' challenges to it.

Both publications noted the fight is an old one and each provided examples of tweets sent Friday from each Twitter handle. "These things get a lot of retweets from bankers and credit union members," said the Memphis Business Journal.

Roughly 72% of all Americans who use the Internet also use social media, according to Pew Research center. However, that number rises to 90% for people ages 18 to 29 (HTRNews.com Aug. 22). Users of social media are typically more politically engaged than the general population, and use sites like Twitter or Facebook to follow politicians and discuss issues.

The HTRNews article, which centered on how Wisconsin lawmakers are using social media, quoted Albert May, professor of media and public affairs at George Washington University who has researched Congress and social media use, as saying  that "you would truly be horse-and-buggy if you didn't" use social media.

Use the links to access the articles.
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