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Cheney battles notion of CU bailout on Fox News
WASHINGTON (9/29/10)--Credit Union National Association (CUNA) President/CEO Bill Cheney took to the airwaves to correct the misperception that credit unions are being “bailed out” by the National Credit Union Administration’s (NCUA) recently released corporate credit union and legacy asset plans. Cheney appeared alongside host Gerri Willis, The Wall St. Journal’s Mark Maremont, and analyst Bert Ely on Fox Business Channel’s The Willis Report.
CUNA President/CEO Bill Cheney appeared on Fox Business Channel on Monday to correct credit union 'bailout' claims and discuss the superior rates and service that credit unions offer to both current and potential members.
Cheney said that the notion of a bailout for credit unions was incorrect, noting that credit unions, not taxpayers, are bearing the cost of corporate credit union restructuring. Retail credit unions “will have to bear the cost over a 10 year period, but already have been paying the cost for a year and a half," Cheney added. Maremont backed up this statement. Referencing a prior appearance by Cheney, Willis asked if the $7 billion in savings that consumers could realize thanks to the lower rates and fees charged by credit unions would continue while retail credit unions are repaying the cost of dealing with the corporate situation. Cheney reiterated that credit unions already have been paying the costs and still have delivered the same level of savings to consumers. “As not for profit financial institutions, credit unions don’t have to return dividends to shareholders. The institutions are managed in the best interest of their members. They still pay the highest rates on deposits and the lowest rates on loans.” Cheney added. CUNA has released a comprehensive summary of the NCUA's recent corporate credit union actions and the release of its legacy asset plan. CUNA continues to analyze the impact that these rule changes and the asset plan will have on credit union practices. For the CUNA summary, use the resource link.


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