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CU System
Iowa league op-ed CUs were prepared for rainy day
DES MOINES, Iowa (8/5/08)--Credit unions will emerge from the economic downturn in “great shape” because they are prepared for a rainy day, Patrick S. Jury, president/CEO of the Iowa Credit Union League, wrote in an op-ed piece for Saturday’s issue of the Des Moines Register. Credit unions have steered away from lending practices that contributed to the mortgage crisis but aren’t immune from economic conditions, he said. “Our members may have problems making payments on credit union loans because of subprime loans they’ve received elsewhere or because of lost jobs or income due to flooding. Building our capital through the years helps ensure that we remain strong institutions into the future,” Jury added. Jury also encouraged readers to save a portion of their money each week. “It will add up over time. Limit your credit and do your best to live within your means,” he said. He also noted that many credit unions offer confidential financial counseling. “Now more than ever, you need to be a financial advocate for yourself to ensure a stable and healthy future, and Iowa credit unions can help,” he said. To read the full article, use the link.
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