WASHINGTON (8/1/11)--The amount of total worldwide assets held by credit unions has doubled in the past 10 years, reaching $1.4 trillion, and credit unions continue to grow as more people learn about the “better deal” that they represent, Credit Union National Association (CUNA) President/CEO Bill Cheney said during a live Bloomberg TV
interview last week.
Appearing on Bloomberg Europe’s
"On the Move", Cheney reiterated that while credit unions were impacted by the financial crisis, they did not cause it, and noted that while banks remain hesitant to lend to their customers, credit unions continue to lend. Cheney was in Glasgow, Scotland for the World Council of Credit Unions World Credit Union Conference. He added that credit unions have a very close relationship with their member-owners, and are now reaping the benefits after they stepped forward to lend to their members during the crisis. Cheney also was asked about credit union work in the aftermath of Haiti’s devastating earthquake. He noted that while one-third of the credit unions in Haiti were lost, “the ones that remain are still there, doing everything they can to help their members.” Cheney told Bloomberg how he observed their rebuilding efforts firsthand while touring Haiti following the earthquake as part of a credit union delegation organized by WOCCU. A basic snapshot of credit unions was also covered during the interview, helping an international audience understand that CUs are not-for-profit financial cooperatives whose business model provides affordable financial services for consumers in the U.S. and worldwide.