Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
L.A. journal notes consumers flight to quality
LOS ANGELES (9/23/09)--Consumers are flocking to non-profit financial institutions, including credit unions because they perceive them as safer than commercial banks. The Los Angeles Business Journal reported Sept. 14 that Los Angeles County credit unions experienced a jump in their deposits of 4%, or $1.2 billion, in the first half of the year. The data the paper cited were from the California Credit Union League. Consumers are trying to save more in the tough economy, Daniel Penrod, California league analyst, told the Journal. When the boom first hit, savings wasn’t a priority. However, “as the economy turned, people have realized that they can’t use their home as an ATM anymore,” Penrod added. Flocking to credit unions is a “flight to quality,” he said. Credit unions’ capital ratio has risen to 9.25% in the second quarter, which outpaces the state average of 9.08%. Anything above 7% is considered well-capitalized for credit unions, the paper said.
Other Resources

RSS print
News Now LiveWire
Social media use helps CUs establish credibility/authenticity says Amaia Stecker, @CUNA sr. social media media mangr. http://t.co/wWAPeDe7UW
1 hours ago
#creditunion affinity card programs make the grade for schools See #NewsNow http://t.co/TThZIvMRTO
15 hours ago
Home-price appreciation softens further in July #NewsNow #Market http://t.co/0MXVy9sby0
16 hours ago
.@ChartwayFCU charitable arm, the We Promise Foundation, has reached the $1M fundraising milestone in a single year for the first time
17 hours ago
.@mncreditunions' Mark Cummins shares CU difference with @KIMTNews3 http://t.co/gkarhZxDRF
18 hours ago