WASHINGTON (9/30/10)--Credit Union National Association (CUNA) President/CEO Bill Cheney in a video posted on YouTube urges consumers to get the full story on the National Credit Union Administration’s (NCUA) corporate credit union actions and not be misled by headlines that call those actions “a bailout.” “Credit unions are paying for the cost of the corporate stabilization, every single penny will be paid by credit unions,” Cheney emphasizes.
The CUNA CEO urged people to read past the headlines and go to the meat of the articles. The stories in such publications as The Wall Street Journal, The New York Times, MarketWatch, Reuters,
and CNN Money.com
got it right -- that "taxpayers are not paying for this stabilization; credit unions are paying for it.” The NCUA’s corporate credit union and legacy asset plans were released during a closed meeting last Friday. Cheney assured credit union members that the consumer credit unions used by members every day “have not been affected" by the NCUA actions. “Credit unions, because they are conservatively managed and have come through this crisis stronger than other financial institutions, will still pay the highest rates on savings; they’ll charge the lowest rates on loans, and they’ll have the lowest fees. CUs are still the best deal for American consumers."