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Op-ed CUs are model of what went right in economy
CHAMBERSBURG, Pa. (11/5/08)--Credit unions' conservative approach to business has credit unions standing in good stead during the nation's financial crisis, according to a Pennsylvania credit union CEO in an opinion editorial in a local newspaper. "We can expect that credit unions will serve as one of the few models of what went right in the financial services industry when so much else went wrong," said Peggy J. Bosma-Lamascus, president/CEO of Patriot FCU in Chambersburg, Pa. The comments appeared in Public Opinion Online (Nov. 4). Bosma-Lamascus noted that the Chambersburg area has numerous local financial institutions to choose from, and that local leadership and investment means quicker, sounder decisions on services that specifically address the financial needs of local individuals and businesses. She outlined credit unions' difference in structure. "Because the cooperative structure of credit unions does not encourage excessive risk taking, credit unions have a history of conservative lending practices. This conservative approach has positioned credit unions to experience a very low average net loss rate. Nationally 99% of credit unions loans are current and paying," she wrote. Credit unions assisted consumers during the Great Depression, and as the current economy recovers, "will continue to be there for our members," Bosma-Lamascus said. Meanwhile, "credit unions continue to be safe, consumer-friendly financial service providers that offer consumers with alternatives to for-profit financial institutions," she wrote. For the full article, use the link.
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