Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Missouri CU leaders in article on U.S. Central impact
KANSAS CITY, Mo. (5/21/09)--The Kansas City Business Journal featured two credit union leaders in a May 15 article about U.S. Central FCU.'
Click to view larger image Click for larger view
Titled "Effects of U.S. Central Federal Credit Union Takeover Ripple Through System," the story included information from Missouri Credit Union Association (MCUA) President/CEO Rosie Holub and Kansas City-based CommunityAmerica CU CEO Dennis Pierce (The Missouri difference May 20). "Although retail credit unions didn't participate in subprime loans, corporate credit unions were given the powers to invest in securities," said Holub in the article. "They invested in AAA securities, thought to be the safest there were, but the underpinning home values were highly inflated and eventually brought the ratings of those securities down." Pierce noted a significant distinction that sets credit unions apart from other financial institutions. "The interesting thing with our situation is that to date we've been able to manage the cost of this event internally within the Credit Union System," he said. "There has not been any government funds used in that process. While there is some financial impact, we are still safe and sound institutions that are aggressively trying to take care of consumer needs." To read the article, use the link.
Other Resources

RSS print
News Now LiveWire
Worldwide #creditunion growth: Nearly 57K CUs now serve 208M members #NewsNow http://t.co/vrSv3Gvp7X
20 minutes ago
July issue of @TheNCUA Report is now available at: http://t.co/UD8EP3vr2E.
2 hours ago
The Hill reports frmr Rep. Barney Frank will defend Dodd-Frank Act tomorrow at House Fin Serv hearing on impact 4 yrs after enactment.
2 hours ago
.@pressrepublican lauds @DannemoraFCU for shred fest: 'truly important in this era of identity theft' http://t.co/hnJUBO1iSR
2 hours ago
Consumers stashing #cash in checking accounts: Moebs #NewsNow http://t.co/WPaPkzHufK
3 hours ago