Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Report CUs well ahead of banks in consumer trust
WASHINGTON (1/28/10)--Credit unions have a higher approval rating on trust than banks, according to the latest Chicago Booth/Kellogg School Financial Trust Index (The Wall Street Journal Jan. 28). Credit unions had a 58% approval rating, compared with a 31% approval rating of national banks and 53% of local banks. Banks in which the government has a stake were trusted the least, with a 21% approval rating, the report said. The study was based on phone surveys to consumers in the U.S. Data was collected in late December by the University of Chicago and Northwestern University in Evanston, Ill. “The Trust Index reveals that what has made credit unions successful--service to members, transparency in operation, a real feeling of ‘ownership’ in the institution--are values that are honored by the American public,” said Credit Union National Association President/CEO Dan Mica. “The fact is, credit unions did not start the fire leading to the financial meltdown--but they can play a significant role in helping Americans recover from it.” Paola Sapienza, one of the study’s authors, noted that trust in credit unions and community banks is much higher than in national banks, “consistent with academic evidence that local [institutions] have more transparency, fewer hidden fees and better customer service compared to national banks.” Other findings from the study:
* About 61% of respondents support regulating financial institutions, compared to 65% of those surveyed in June; * Roughly 58% support executive pay caps, down from 65% in June; * Nearly 66% of respondents want to see homeowners get help, compared with 68% saying so in June; and * About 51% of respondents said they were angry at the current economic situation, compared with 60% in December 2008.
Other Resources

RSS print
News Now LiveWire
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
13 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
14 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
15 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
16 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
17 hours ago