DALLAS — Aiming to showcase the industry's positive subprime role, the Texas Credit Union League last week unveiled a statewide advocacy campaign to place "true success stories" in a broad cross-section of media outlets ranging from Internet blogs to radio talk shows.
"We have been handed a unique opportunity, a news hook, to tell the credit union story and if we don't act immediately, it will be gone and we will have missed the boat," declared Winter Prosapio, TCUL director of communications/advocacy.
In a stepped-up awareness campaign, the league said it has been gathering success stories from member CUs and hoped to have as many as 25 for publication and broadcast throughout the state by the end of January while also encouraging CUs elsewhere to join in.
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CUNA officials in Washington applauded the Texas venture as a worthy undertaking noting that a number of leagues have started similar efforts, though perhaps not as coordinated or focused.
"We are seeing many examples of those success stories appearing in the national media," said a spokesman, pointing to a lengthy New York Daily News article quoting the New York State Credit Union League and headlined, "Old Fashioned Credit Unions Are Gaining Popularity With Homebuyers."
In Texas, Prosapio said she is enthused about getting the word out to the media and legislators not only on what CUs are doing to help beleaguered homeowners but also to show how CUs are aiding others hit by recessionary conditions.
"The subprime market has spiraled into a full-fledged disaster," wrote the Texas league in its daily newsletter last week. "Millions of cash-strapped Americans are losing their homes, struggling to survive in this economic downturn. The Texas Credit Union League believes credit unions, which are not in the business to make a profit for investors but instead are in the business of helping consumers realize their financial goals, are part of the solution–not the problem."
The league said distributing the success stories helps "to position credit unions in the eyes of consumers, the media, public opinion makers and lawmakers as responsible partners in the economic stimulus."
The newsletter went on to inform CUs that "if you have a member who was roped into a bad loan and you were able to refinance that loan with more favorable terms and conditions, we want your story. Maybe you had a member who was struggling to keep up with their loan payments, whether it an auto loan, mortgage, signature loan, etc., and you were able to work with them and prevent them from defaulting. We want your story."
Prosapio said the call to CUs also includes member business loans and so "if you were able to help a small business in your community access much needed capital when no other lender would," again, "we want your story."
In developing the program, Prosapio, who joined the league in February, said she has been working with Buddy Gill, the league's chief advocacy officer and political strategist. Prosapio noted also she has previously consulted with Gill on other projects and formerly was executive director of a group against lawsuit abuse in San Antonio.
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