Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Letter to WSJ editor touts CUs co-ops
NEW YORK (3/6/09)--A letter to the editor of the The Wall Street Journal (March 5) says the country needs to invest in business cooperatives, such as credit unions. "While bank partnerships can mitigate risk-taking by executives, there is no direct benefit to bank customers unless they, too, are shareholders," wrote Pia Duryea of Arlington, Va. "We need to invest in business cooperatives," Duryea wrote. "Credit unions, or financial cooperatives, are distinct from investor-owned businesses. Those who use credit union services own an equal share of the business. As a result, credit unions thoughtfully weigh the risks they take." Duryea cited statistics, saying that as of June 2008, credit unions experienced low levels of delinquent mortgage payments: 0.78% as compared with banks' 2.7%. The letter noted credit unions' better interest rates, reduced fees and democratic control, saving credit union members 11 billion more than bank customers. "So, while partnership is good, cooperation is better," Duryea concluded.
Other Resources

RSS





print
News Now LiveWire
The U.S. Court of Appeals restored NCUA lawsuit v. Barclays Capital that charged misrepresenting quality of $550M IN RMBS. See News Now Wed.
4 hours ago
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
9 hours ago
Registration is now open for online viewing of @TheNCUA's March 19 board meeting. https://t.co/mMZoXSFjMe
9 hours ago
.@CFPB Director Richard Cordray's testimony that he will deliver before the #HFSC this afternoon. http://t.co/NA1aEOPAeh
10 hours ago
Consumer spending flatlines, savings ramp up #Market #NewsNow http://t.co/94kPuBpMRK
11 hours ago