WASHINGTON — Credit unions are on the rise, thanks to unprecedented media attention and recovering financials, CUNA President Bill Cheney told the GAC on Monday morning.
Credit card portfolios have had a rough go at things the past couple of years. Even with all the media attention on credit union credit cards in 2010, they grew just 2% that year. The previous five-year trend was an annual average growth rate of 10% to 12%.
A CDCU already in the media spotlight for having run afoul of Goldman Sachs was the focus of a NBC story about Bank Transfer Day this past Saturday.
Some Southern California credit unions are looking to benefit from the Occupy Wall Street and Bank Transfer Day movements.
Credit unions are at a crossroads right now. More consumers are aware of credit unions thanks to media attention and more people are flocking from banks to credit unions. The issue at hand is how can credit unions leverage this for the future?
Some of the more than 20 credit unions that suffered losses when a vendor executive fraudulently sold mortgages written to Fannie Mae have made progress in getting at least some of their money and mortgages back.
The House-passed, anti-big bank public funds bill geared to funnel $5 billion in state funds into credit unions and community banks cleared a new hurdle this week in the New Mexico Senate.
Through ads, Internet postings and public statements, credit unions nationwide were enjoying the public rant against big banks last week highlighted in congressional hearings and in myriad network and cable TV news shows