A Letter to the Industry

Your efforts during the systemic crisis that dominated the first half of 2009 also are a testimony to each credit union’s character.

 
 

Dear Credit Union Executive;

The collective achievement of the credit union system in 2009 was extraordinary. Credit unions reached a new high in loan originations--$271 billion; assisted 20 million borrowers; raised $71 billion in new savings (a 10.5% increase); and added over 1.5 million members.

This performance has been told in bits and pieces. But the consolidated results have not been presented. These overall achievements were often overshadowed by the Corporates’ situation and the real problems facing some credit unions.

Telling the credit union movement’s achievements during the Great Recession is vital. The performance validates Congress’s intention to have a financial alternative that always acts in the member-consumer’s interest in both good and bad times.

May we ask your help in sending the Credit Union Movement’s Annual Report to key decision-makers in Washington, DC?

A printed copy of the Report will be sent to President Obama with a cover letter. If you would like to add your signature to this letter, you can do so here. You may also add any brief comments you would like to include with the letter.

Your efforts during the systemic crisis that dominated the first half of 2009 also are a testimony to each credit union’s character. You knew who you were and what you needed to do to help members.

At this pivotal time in the history of financial services, ensuring that public leaders have the facts about the credit union system is critical. Members trust their credit union, and public media is increasingly talking about the credit union difference.

Building a more cooperative America is what credit unions have accomplished for over 100 years, but never in so consequential a manner as the past year.

Please add your name to this Report.

Chip Filson
CEO & President
Callahan & Associates, Inc.

 

 

 

March 29, 2010


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