Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Penrod No Indymac failure with a CU
RANCHO CUCAMONGA, Calif. (10/21/08)--Credit unions are weathering the economic storm, according to an industry analyst with the California Credit Union League. “Credit unions are well-capitalized,” Daniel Penrod, league analyst, told the Business Press (Oct. 13). “You will not see an IndyMac-type failure with a credit union.” Some credit unions have mortgage-backed securities, but haven’t required “one dime of bailout,” Penrod added. The newspaper also interviewed two San Bernardino, Calif.-based credit unions--Arrowhead CU and First Valley CU. Arrowhead has a reserve ratio of 10.1%, Larry Sharp, Arrowhead president, told the newspaper. The credit union didn’t engage in subprime lending and wasn’t hurt by many of the problems in the mortgage sector, he added. First Valley has “stuck close to what credit unions traditionally do,” CEO Gregg Stockdale said. The credit union also avoided the subprime mortgage market. It focuses on auto and home loans, savings and checking accounts, he told the newspaper.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
8 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
9 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
10 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
10 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
10 hours ago