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PCUA Despite market CUs still thrive
HARRISBURG, Pa. (9/19/08)--Despite the turbulent times in the financial market, credit unions continue to provide a safe haven for consumers' savings or for borrowing through personal, student, car or mortgage loans, says the Pennsylvania Credit Union Association (PCUA). "We understand there is confusion in the financial markets, [with] conflicting news reports, and it is very difficult for consumers to make sense of the turmoil," said PCUA President/CEO Jim McCormack in a press release. "Yet at the same time, consumers should know that their local credit union is a safe place for their money and for loans," he added. PCUA said that in a non-scientific poll of credit union leaders, virtually all report increased inflows of consumer deposits and a strong demand for consumer loans. The credit unions reiterated they haven't been adversely affected by the mortgage market problems and continue to have funds available to make prudent loans to creditworthy borrowers. "Pennsylvania credit unions have not engaged in the risky lending practices like many other players in the financial marketplace," said Diana Roberts, PCUA chair and CEO of Hershey FCU. "Therefore, we as credit unions have no need to tighten our lending policies since we have always been lending prudently." PCUA noted credit unions in Pennsylvania are federally insured and that the state's credit unions are extremely well-capitalized at 11.7%, compared with the federal regulatory requirement of 7%.
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