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TOM SAKASHSTAFF NEWSWRITER

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CU System
CUs topic of L.A. radio show
LOS ANGELES (7/21/08)--Credit unions were the topic of KNX 1070 News Radio’s “Money 101 with Bob McCormick” last week. The show contrasted the safety of credit unions with that of banks. “Disillusioned bank customers may be turning to credit unions, which have 9 million members in the state of California,” McCormick said in opening the show. Credit unions don’t make subprime loans or risky investments, McCormick noted. He also interviewed Daniel Penrod, an industry analyst with the California Credit Union League. “Credit unions can only build their money through internally generated funds so any project that loses money--is money coming from the membership,” Penrod told McCormick. “They’re much more conservative in what they’re willing to do.” McCormick told viewers they can find a credit union they’re eligible to join, and encouraged them to visit www.findacreditunion.org.
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