MADISON, Wis. -- Wisconsin credit unions got a chance to tell their safety/soundness story and make a pitch for consumer lending at a state hearing addressing public worries about "the entire banking and real estate sector" based on national media coverage.
Wisconsin residents "are faced with an onslaught of stories of economic crisis and bad housing," observed Andrea Gage, an aide to State Sen. Jim Sullivan, (D. Wauwatosa), speaking at a hearing of the Senate Committee on Financial Institutions.
Staffers from the Wisconsin Credit Union League joined by James Schrimpf, president of Brewery CU, Milwaukee, told lawmakers CUs are well positioned to deal with economic woes considering "their overall health as confirmed by regulators" and a low loan delinquency ratio of 1.21%.
"More people are discovering not-for-profit credit unions as a real source of safety, solid earnings, measurable savings and a true partner in their personal money management in 2009," testified Joanne Whiting, chief advocacy officer for the league who noted also the key role CUs have been playing on foreclosures.
When the league surveyed its members last fall, "a majority-about 62% of them-said they have refinanced other lenders' mortgages to prevent foreclosures. Several credit unions, for example, have bought time for their members by halting foreclosures for a period and helping members explore all their options."
Also appearing before the Senate panel was Kurt Bauer, president of the Wisconsin Bankers Association who said banks are also ready to lend and that the hearing "was an opportunity to correct misperceptions the public has about Wisconsin's FDIC-insured banks. " Also speaking were reps from the Wisconsin Realtors Association and Mortgage Bankers.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
