Texas Dow Employees CU Stings Banks in Blunt Safety and Soundness Campaign
TDECU has launched a bold public education campaign to spread the word about the soundness and stability of the credit union industry.
The message revolves around the simple concept that depositors' money and investments are safe--if trusted to credit unions.
According to TDECU President/CEO Ed Speed, the entire mortgage industry is under a dark cloud due to their desire to maximize profits. "Many mortgage lenders made questionable loans that have gotten them, and their customers, into trouble. Now, they are turning to the government to bail them out--this means that we as taxpayers will have to foot the bill."
The "Safe and Sound" multi-media campaign is aimed at generating discussion and providing a voice to consumers who are concerned about their financial future.
The paid advertising component of the campaign features television commercials, newspaper ads and radio spots and is supported by a community outreach effort. The ads will be seen in 10 Texas cities.
The CEO speaks directly in the ads. In one, Speed said: "If you're not upset about the current banking crisis, you should be. We the taxpayers are going to have to spend hundreds of billions of dollars to once again bail out banks and mortgage bankers. Credit unions are not asking for government bailouts because we don't need them."
Speed is also the face of the print ads, which highlight the credit union difference. "TDECU doesn't get into this kind of trouble. Because we're owned by members like you. Our lending policies are determined by a board elected from among our members. We lend to each other for our needs in life. As a nonprofit organization, we're not driven by the profits Wall Street demands. We are driven by serving you," said Speed.
A new Web site has also been rolled out with the campaign, www.TDECUsafeandsound.org, as a resource for consumers.