The media blitz by both CUNA and NAFCU to counter the negative "credit union bailout" message went into high gear today with new videos and top brass keeping in contact with TV producers and financial reporters on the corporate crisis.
The effort to tamp down public fears about CU troubles was highlighted by CUNA producing a special new video to be issued today featuring President/CEO Bill Cheney urging consumers to "get the full story on NCUA actions and not be misled by headlines" that call the corporate seizures a CU bailout.
"We'll be posting the video on our website today, on YouTube and are sharing it with CUs via the leagues and CUNA Marketing Council," said Mark Wolff, senior vice president-communications.
In the video, Cheney holds up Saturday's Wall Street Journal front page to make these points:
? "Read the article, which says officials say the plan won't cost taxpayers any money."
? "Consumer credit unions, the ones you use every day, have not been affected."
? "Credit unions are paying for the cost of the corporate stabilization, every single penny will be paid by credit unions; taxpayers will not pay a dime."
Cheney declares that, "if you read the articles, not the headlines, in the Wall Street Journal, The New York Times, MarketWatch, Reuters, CNN Money.com, the articles get it right--taxpayers are not paying for this stabilization; credit unions paying for it."
Wolff said that separate from the media efforts CUNA's legislative team "has been all over Capitol Hill answering questions and countering any impression that this was a CU bailout."
In previously planned visits in New York, Cheney and Wolff met with reporters and the timing CUNA "an opportunity to discuss expected action on the corporates and the overall strength, health and safety of the CU industry." CUNA staffers met with reporters from the AP, Reuters, Financial Times, Bloomberg and Smart Money.
In addition to a TV appearance on the Fox Business Network Tuesday, Cheney also was scheduled to appear today on CNBC, but the telecast was rescheduled for later this week.
NAFCU had said earlier it had sent letters to media outlets and the Wall Street Journal complaining about the "bailout" message.