NEW YORK (11/4/09)--A four-page advertorial in Monday's issue of The New York Times
, entitled "Service Before Profits: The Credit Union Revolution," touts credit unions' strengths and service philosophy.
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In it, Credit Union National Association President/CEO Dan Mica says, "A lot of people still don't understand credit unions, but the difference is very simple. For-profit financial institutions are in business to make money for shareholders. Credit unions are here to serve their members. That's the whole difference." For credit union member-owners, said Mica in the article, that means credit unions pay higher interest rates on deposits than do for-profit institutions, and they charge lower interest rates on loans. He also notes the growing count of credit union members, and says, "We are about Main Street, not Wall Street. We are here to serve Main Street. That is what we do. And that is what a lot of people want today." The article also provided viewpoints from:
* Debbie Matz, chairman of the National Credit Union Administration, who emphasizes that members' deposits are safe in credit unions; * David Wallace of North Carolina-based Global Financial Services, who notes credit unions have stuck to the basics of traditional community financial services. He provides statistics indicating credit unions have fewer charge-offs and says credit unions have money to lend; * Kam Wong, CEO of Municipal CU of New York, and Frank Pollack, CEO of Pentagon FCU, both of whom provide examples of the service philosophy; * Jim Park, CEO of Credit Union 24, a Tallahassee, Fla.-based ATM network, who talks about innovation and surcharge-free networks; * Fred Johnson, CEO of Credit Union Executives Society, discussing continual education; * Stephen Delfin, executive director of the National Credit Union Foundation, who speaks to credit unions' social responsibility concerns; * Richard Powers, executive director, MBA programs and Master of Finance Programs at the University of Toronto, on educating boards; and * Fred Becker, CEO of the National Association of Federal Credit Unions, on members' trust of credit unions.
The advertorial is accompanied by a number of paid ads including one from CUNA that notes that nearly 100 million American consumers will soon belong to the nation's 8,000 credit unions. Use the link to view the advertorial pages.