California CUs Counter Negative Spin
Stressing that "not all credit unions are suffering," a group of Los Angeles CUs did media damage control after an article in a local business journal highlighted poor credit union performance.
The CU effort was unusual considering that so much of the mainstream and viral media this year has put CUs in a favorable light compared to banks.
Gary Perez, CEO of the $345 million USC Credit Union, called Glatt's observation an "overstatement" considering the successful community charter operations throughout the state.
USC concentrates on serving its college base and lost heavily when the government pulled the plug on its student loan program. The CU retains a community charter but has kept it on the shelf for strategic reasons, Perez said.