How much has your bank taken from taxpayers?
So are you more likely to save your money in a bank that has taken federal funds or less likely? The following link shows money provided to banks under the federal governments TARP plan:
http://online.wsj.com/public/resources/documents/st_BANKMONEY_20081027.html
Are you finding these FI’s more willing to lend money?
Letter to Sen. Richard Burr
June 19, 2008
The Honorable Richard Burr
217 Russell Senate Office Building
Washington, DC 20510
Dear Senator Burr:
I am writing again asking that you support the Credit Union Regulatory Improvement Act (S.2957).
I received your letter dated June 12, 2008 where you described Senator Lieberman’s proposed legislation, provided me with a definition of credit unions and then in no uncertain terms voiced your opinion that credit unions were trying to “blur the distinction between themselves and banks”.
That could not be more ill-informed and devoid of fact. As a credit union member for 31 years I can attest to the awesome distinction between banks and credit unions. Your clinical definition of credit unions and your assertion that this is an attempt to make credit unions like banks, highlights what can only be called an ignorance of what credit unions are and what they do.
Sir, credit unions provide financial products to people that banks will not serve. They are financial cooperatives that allow members to lend directly to other members. America’s credit unions are seeking the opportunity to better serve their communities not masquerade as profit hungry banks. Unlike your friends at Wachovia, America’s credit unions are not swimming in bad mortgages, because instead of being motivated by profit they are motivated by service. America’s credit unions did not make the risky mortgage loans that are taking down the heads of major commercial banks. It was not the actions of credit unions that brought us to this disaster for thousands of American families who will lose their homes. If anything sir, legislation should be introduced to make banks act more like credit unions.
I certainly understand that my support of the Republican Party and it’s causes, does not come close to the $100,000 your campaign has received from Wachovia during this campaign cycle. But I would ask that instead of listening to the people who have brought this mess on the country, you stand up and support the right of North Carolinians to help their neighbors and do so in a way that removes archaic regulation that artificially minimizes their effectiveness.
Your support of S.2957 will ensure that when you campaign for re-election in 2010 you can stand up and say you fought for us instead of the banks.
Sincerely,
Kristopher Kovacs
Another Pro-Credit Union Ad That Should Be On TV
Money To Blow from Bankerspank
Take up the cause and send a link to this blog to a friend who needs to learn more about Credit Unions.
-Kris
Return of the Credit Union!
As you may or may not know I work for a credit union here in North Carolina, infact I have now officially worked in credit unions for 15 years. I know what you’re saying, “but Kris you look so young”. I know, thank you but it is the truth. And while I have not worked for the same credit union for 15 years, the ones I have worked at are leaders in the industry and I am very proud to have worked for such fine institutions. (I wrote that just in case my boss reads this post!) No really, I love credit unions.
But recently there have been a couple of items that give me cause for concern.
Firstly, we were conducting research for a project at work and decided that we’d like to hear from our members and from some non-members about our plans so we set up a series of focus groups. The focus groups that contained members were fabulous. Because I work in IT, behind the Curtain, I don’t often get to meet members and I relish every chance I get to meet and work with them, I find it energizing. The meetings with the non-members were also interesting but what became clear pretty quickly was that the younger non-members had no idea what a credit union was.
We heard some comments like, “I think they are just like a bank, but I can’t join.” As someone who has worked in credit unions since I was 15, I can tell you I was stunned and a little dismayed. Credit Union’s and banks are NOT the same, but why didn’t they know that? Why didn’t they know that credit unions are not-for-profit organizations, doesn’t everyone know that?
Secondly, a repeating theme has been coming up in planning for next year, and I suspect it is a similar discussion at every financial institution . You see as the baby boomers begin to retire, on average, their need for loans begins to decrease dramatically. Well a healthy loan portfolio is one of the cornerstones to a successful credit union. Where will the new market for loans come from . . . .the X’s, Y’s, and millenials. But they don’t know what a credit union is (see item one), ut-ohh.
Well we have to tell them! We need to tell them how the interest they pay on loans, credit cards, and mortgages at a credit union is returned to them in the form of more products and services at lower cost, and higher savings rates than banks. For banks that income is turned into profits for the stockholders, or war chests to buy up the competition and return more value to . . their stockholder. Nowhere are they returing value to their customers.
In my opinion, for years the credit union industry has tried to fly under the radar hoping to not piss off the BANKS and thereby avoid legislative challenges to their non-profit status. But the consequence of operating off the radar screen is that we are also off the radar screen for our potential members. Well its’s time we stood up and said “We are here, and here is what we can do for you!”
One of the many national organizations conerned with credit unions needs to begin building a national credit union advertising campaign to highlight the benefits of using credit unions instead of banks. And it should stress to every american that there is a credit union you can join today. In our brand consious world we need to spend some time building the credit union brand. So that the new alliance of credit unions can strike back at the empire banks have built. All we need is our Luke Skywalker!
Credit unions can be hip, my generation is very likely to get behind non-profit intiatives that stick it to greedy corporations like banks . . .Credit Unions can be a perfect fit with this group but someone is going to have to say it!
Higher Savings Rates!
Low or No Fees!
Lower Loans Rates!
Being a Member Owner instead of a Number
Full Financial Products and Services Available!
It’s Time “You” Joined!
Why is this commercial and one’s like it not on in every major market in the country.
Hi, My name is Kris Kovacs and welcome to KoFacts my blog about everyday leadership, management, technology, politics, scouting and other fun stuff. I have a diverse background in financial services and information technology so the topics I cover tend to be applicable to business and IT. Thanks for stopping by. Please subscribe to my blog or bookmark it and visit often.
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