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House members see CUs to the rescue column
WASHINGTON (2/14/08)—Credit Union National Association (CUNA) President/CEO Dan Mica Wednesday shared a little sunshine with House members on a cold, dank Washington day: a Dow Jones News Service column on how credit unions are helping their communities amid rising mortgage foreclosure rates. In an accompanying note to the lawmakers, Mica explained that the column shows “how credit unions are filling the gap created by other lenders who are dropping out in the wake of the subprime crisis.” “As the column’s author notes: ‘Credit unions to the rescue. Unlike big lenders, credit unions didn’t suffer heavy losses in recent months because they never made risky subprime loans,’” Mica pointed out. The Feb. 11 article also highlighted CUNA Chief Economist Bill Hampel’s assessment that most credit unions have strong balance sheets and near-record capital levels, which allow them to make any type of loan despite the subprime crisis. A version of the article also appeared on Wednesday on WSJ Online.
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