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CU System
Wisconsin league CEO interviewed on safetysoundness
PEWAUKEE, Wis. (3/9/09)--Credit unions in Wisconsin are riding out the current economic storm remarkably well, according to an article in WisBusiness.com Friday. The publication interviewed Brett Thompson, president/CEO of the Wisconsin Credit Union League, who said Wisconsin credit unions are in good shape because they stayed away from toxic subprime mortgages and other exotic loans that brought down some lenders. He pointed out that The Wall Street Journal and other national publications have cited credit unions for their safety and soundness during difficult times. All in all, he said, "I think we are safe, sound and ready to lend." Over the past 12 months, Wisconsin credit unions have had the second-highest asset growth of credit unions in the U.S., the highest loan growth and the sixth-highest membership growth. Thompson also addressed the lending cap on member business loans and noted that at least 13 credit unions in the state are up against the 12.25% of assets cap. "Credit unions here in Wisconsin have historically always made small business loans. Many of them can point to the initial minutes of their forming meetings where some of their first loans were to a local small business," he said. To view the entire article or listen to an audio of the interview, use the link.
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