NAFCU Pens Letter to WSJ on 'Bailout' Mention
Like CUNA, NAFCU was wasting no time this week to counter the negative "credit union bailout" spin on some national media outlets, blogs and in social media.
For one thing, the Washington trade group said it has written a letter to the editor of the Wall Street Journal seeking to correct the "bailout" headline from its weekend coverage of the corporate takeovers.
"The headline was a glaring mischaracterization and demonstrated a basic lack of understanding of the credit union industry," NAFCU said. "Actions undertaken by NCUA, while regrettable, did not involve federal taxpayer funds."
Echoing CUNA, NAFCU also stressed that CUs are self-funded "and have never cost the American taxpayer one dime."
A copy of the Wall Street Journal letter was not immediately available prior to its printing, a spokeswoman said, but NAFCU has reached out to mainstream and local media outlets that have "misreported the headlines" regarding safety of the system.
"On Friday we sent out letters to our members outlining the action taken by NCUA so that they too would be well informed and could address any issues that arise locally."