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CUNA to IDow JonesI CUs best the banks in survey
NEW YORK (3/2/09)--Two Credit Union National Association (CUNA) executives told Dow Jones Thursday that credit unions are doing better than banks during the current economic downturn. Overall, U.S. credit unions expect deposits to rise 10% in 2009, Mike Schenk, CUNA senior economist, told the news service. “When people are nervous, they want [their investments] short term and liquid,” he told Dow Jones. “We saw tremendous growth in money markets.” CUNA has conducted an annual survey of 1,000 registered voters since 1998, Richard Gose, CUNA senior vice president of political affairs, told the news service. This year’s survey, conducted in mid-January, revealed that 37% of respondents said “safety and soundness” describes a credit union, 36% said it describes a bank, and 19% said it describes both equally. In 2008, the same survey indicated 50% of respondents said the term described banks, 23% said credit unions and 22% both. This is the first year that credit unions did better than banks on the “safety and soundness” question, Gose added.
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