Bill Cheney, president and CEO of the Credit Union National Association, urges consumers to read past the headlines and go to the meat of articles reporting about stabilization plans for corporate credit unions. The stories in such publications as The Wall Street Journal, New York Times, MarketWatch, Reuters, and CNN Money.com got it right—that "taxpayers are not paying for this stabilization; credit unions are paying for it."
The National Credit Union Administration's corporate credit union and legacy asset plans were released during a closed meeting Sept. 24. Cheney assures credit union members that the consumer credit unions they use every day "have not been affected" by the NCUA actions.
"Credit unions, because they are conservatively managed and have come through this crisis stronger than other financial institutions, will still pay the highest rates on savings; they'll charge the lowest rates on loans, and they'll have the lowest fees. Credit unions are still the best deal for American consumers."
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