Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
A crisis upside for CUs Mica explains
WASHINGTON (12/29/09)—As the financial crisis and pursuant economic turmoil have sparked consumer ire with banking organizations, more Americans are discovering the cooperative difference that credit unions offer, Credit Union National Association (CUNA) President/CEO Dan Mica said in a recent column. Writing for the Cooperative Business Journal produced by the National Cooperative Business Association, Mica noted that CUNA data shows credit union membership grew 1.8% during the 12-month period ending June 2009. That figure equals twice the growth rate for the overall U.S. population and was the largest membership growth figure since 2003. Traditionally, Mica said, CUNA research shows that credit union members are not very interested in the credit union’s cooperative structure. But the crisis has pushed consumers—angry at banks—to look for local and consumer-focused alternatives and “more are discovering the cooperative difference that credit unions offer.” “(W)hile consumers may not appreciate the underpinnings of credit unions’ ownership structure, they respond warmly to the natural effects of cooperative ownership: trust and value,” Mica wrote. The CUNA leader also called upon all cooperative sectors to work more closely together to the benefit of all cooperatives—and ultimately consumers. “I am convinced that if credit unions and other cooperatives had a greater recognition of our shared principle and history, we would see greater interaction between these sectors,” Mica wrote, and added: “If consumers’ changing desires cause cooperatives to work together more regularly, we’ll see another silver lining in this dark economic period.”
Other Resources

RSS print
News Now LiveWire
Servicemember's spouse drives away with Bank on More's SUV thanks to #missouri #creditunions http://t.co/WvTrKxh0sV
9 minutes ago
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
1 hours ago
@TheNCUA open meeting is slated to start at 10 a.m. ET. Should be a quick one. #NewsNow http://t.co/rfYjnat7eI
1 hours ago
Mass. CUs in unanimous vote joined RI and NH CUs in approving merger of the 3 state leagues 2 form the Cooperative Credit Union Association.
1 hours ago
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
20 hours ago