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Home > Blog > 2008 > July > 17 > Safe and Sound RSS RSS feed

Safe and Sound

Posted by Trey Reeme on July 17, 2008 07:40 | Comments (0)
As the economy runs in need of a tune-up, banks are getting pounded (and in many cases rightfully so) for playing a part in the tough times. In fact, lines have recently formed at some banks out of fear for deposits going the way of the woolly mammoth. Why shouldn't credit union members be worried? The President of the North Carolina Credit Union League, John Radebaugh, said this week:
"As cooperative financial institutions, credit unions are not reliant upon the capital markets for funding -- but are instead funded through member deposits," he noted. "As the credit crunch hits much of the economy, credit unions by contrast have money that they’re ready to lend out to their members." Another important contrast benefiting credit unions according to Radebaugh is the continued low level of loan delinquencies. "Credit unions did not make risky loans like others did, and so their loan portfolios are performing well despite the economy," he said.

Categories: What's Happening

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