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Columnist tongue in cheek CUs have got their nerve
SAN ANTONIO (2/28/08)--Poor banks. They're having to fight credit unions who have the audacity to try to serve their members with small business loans. That's the tone of a tongue-in-cheek article written by the San Antonio market's top business columnist. David Hendricks' article, "Man, credit unions have really got their nerve," appears in the San Antonio Express-News (Feb. 26). It notes that "those darn credit unions" are "at it again, trying to lure business away from banks." Credit unions are just trying to take advantage of banks, he says, "now that banks are crying big tears after being wounded by all the securities they bought that were tainted with subprime mortgages." Banks have had to raise rates and loan standards, leaving small businesses out of the picture, he notes. "Oh wait. Many small businesses were already out of the picture," he said. He then proceeds to explain why "those darn credit unions became too popular" and grew, and why they want Congress to lift the asset limit on small business lending. The article is one of the results of a media tour the Texas Credit Union League and local credit unions conducted last week in San Antonio. The group also succeeded in getting an op-ed piece, and credit unions hit talk radio Tuesday. For the full article, and a few chuckles, use the resource link.
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