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Washington
Mica on Bloomberg Consumers seek CU safety
WASHINGTON (6/25/09)—Credit unions for 100 years have served as a “flight to safety” for consumers in tough times, Credit Union National Association President/CEO Dan Mica told Bloomberg News. In an interview that reflected remarks he has made at CUNA’s
Click for video CUNA President/CEO Dan Mica was interviewed about the 100th anniversary of the first credit union on Bloomberg TV. Click for member-only video. (Photo provided by CUNA)
America’s Credit Union Conference in Boston this week, Mica told a national television audience that credit unions are currently experiencing a “flood of growth” from those who are seeking safe and sound financial products. Credit unions are marking their hundredth anniversary of service in the United States this year. During the Bloomberg interview, Mica underscored the difference between member-owned credit unions and banks that owe allegiance to their stockholders in the form of profits from customers. He also reiterated that deposits in federally insured credit unions are covered up to $250,000, and that credit unions are strictly regulated by the federal government. Mica also took the opportunity to highlight the strength, safety and soundness of the credit union system and to explain the difference between natural-person credit unions and their corporate counterparts. When questioned, Mica explained that two large corporate credit unions recently had difficulties due to tough and changing economic conditions, but noted the problems have been dealt with within the credit union system, under the oversight of both the U.S. Congress and federal regulators. Use the resource link below to view Mica interview posted on Youtube.
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