As Fear Grips Markets, Credit Unions Share Reassuring Messages with Congress

About 20 NC credit union representatives met with members of Congress last week as part of Hike the Hill. For anyone who has ever attended these meetings, no two are ever quite alike of course – but it’s safe to say that there’s a real air of drama and concern in Washington these days.

The credit crunch, along with the stresses and strains showing up throughout the financial system, have transformed what would otherwise be a sleepy Congressional summer session in an election year. When we were there last week, the House passed a sweeping Housing Bill intended to help prop up Fannie Mae and Freddie Mac, while providing foreclosure relief to homeowners. 

Against this backdrop, credit unions were able to deliver some compelling messages, including the reality that while others made questionable lending decisions, credit unions made responsible loans … and while banks and other lenders continue to cut back on lending in order to repair their balance sheets, credit unions continue to meet the needs of members, and in many cases are doing their part to keep the mortgage market ticking.         

The above video summarizes a few of the highlights of the meetings with elected leaders. The League appreciates each and every person who took time out their schedule to attend Hike the Hill this year. There were so many great stories shared, I only wish we had time to put everyone on camera!

No one wants to see the economy struggle. It’s painful stuff.

But these tough times have allowed credit unions to show just how fundamentally different they are from for-profit banks.

Advertisements

One Response

  1. I’m just getting into blogging and came across your blog. Well written!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: