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News Now

CU System
IHuffington PostI columnist got loan at CU
WASHINGTON (4/10/09)--A columnist advocating action to get banks lending again noted in The Huffington Post Thursday that people are still managing to get loans. His example: His wife's loan at Arlington Virginia FCU. "If one could reduce the point of all the massive government planning and intervention and bailouts down to a single pressing need, it's this: We must take action in order to get the banks lending again," wrote Jason Linkins. However, "people are still managing to get loans," he said. Earlier this year, his wife needed a loan to pay for her spring semester tuition. "We went to the Arlington Virgina FCU to get the needed monies. We knew that the terms were good because we'd used them as a lender before, " Linkins wrote. "We knew that they would give us a loan despite the economy, as well. How'd we know that? AVFCU said so, in a television advertisement. It was the first ad I had ever seen for our credit union." Linkins noted that the ad said the same thing that CEO Brenda Turner told members on the credit union's website. "AVFCU remains well capitalized as defined by federal regulations," she wrote, adding there has been no need for a taxpayer bailout. "We have never engaged in subprime mortgage lending or high-risk investments. Because we have no pressure to earn large profits to satisfy greedy shareholders, we have never lost sight of our core purpose--prudently serving the financial needs of our member owners," she wrote. Linkins' column asks a series of questions, including "Were you turned down by a bigger bank before getting a loan with your credit union?" and asks readers to tell about it in 150 words or less.
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