Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Hoosman explains CU difference to ISt. Louis Post-DispatchI
ST. LOUIS (2/11/08)--Vantage CU President/CEO Hubert Hoosman Jr. turned a personal profile into an opportunity to tout the credit union difference in the St. Louis Post-Dispatch (Feb. 8). Friday's article, "Credit union chief follows a democratic formula," started with the personal background, including Hoosman's leadership in the $2 million statewide campaign for the Martin Luther King Jr. Memorial in Washington, D.C. But he was soon talking about what makes his credit union unique: its not-for-profit, member-owned structure. "It doesn't matter if you have $1,000 or $1 in your account, you have the same right as other members of the credit union," Hoosman told the newspaper. "You have the ability to take major action on decisions of the credit union. With a bank, you don't." A bank, he said, is "all about the bottom line and returning a profit for its investors." Among the points he made:
* Credit unions have the National Credit Union Share Insurance Fund and have never had to ask the government for anything while banks and savings and loans have had bailouts on several occasions. * Community banks are the main competition. "With community banks, you get four or five investors who pool their money and open a small bank. They want to build their assets for a major bank to buy them out in five years." A director wanted to know why the credit union didn't have such a plan. "Because we are not setting ourselves up to be bought. We can't be bought. Our charter doesn't allow it." * The volunteer board structure means board members have "no advantage over other members. No perks, no year-end bonuses, nothing. I think it's the best model of democracy that exists in the country. We walk the walk."
Hoosman told the newspaper that credit unions "are the Southwest Airlines of the consumer financial world." Vantage CU is a $509 million asset credit union in Bridgeton, Mo. Use the link to access the full article.
Other Resources

RSS print
News Now LiveWire
.@CreditYOUnion captures voices of #100MM loud, proud at @GAUnitedCU See #NewsNow Thursday for more
7 hours ago
Ill. @GovernorQuinn signs patent troll law http://t.co/ugWf8zHpCm via @CrainsChicago
8 hours ago
.@MBAMortgage : Mortgage apps increased 2.8% from one week earlier for week ending Aug. 22.
9 hours ago
Franchise businesses may face higher breach risk with POS systems HT @briankrebs http://t.co/LGE46DUk15
10 hours ago
About 1 in 3 consumers use plastsic for in-person purchases of less than $5, according to @CreditCardsCom survey.
11 hours ago