New Video Shows why Credit Unions Are the Better Choice

PRLog (Press Release) - Feb 13, 2009 -
(Washington, DC) The National Cooperative Business Association (http://ncba.coop/) and Cabot Creamery Cooperative (www.cabotcheese.com) have produced an 8-minute educational video that features interviews with credit union members, employees and industry executives. The video is designed to educate the media and general public on the value of credit unions, how they work and why they are different from banks. An accompanying online resource at www.thebetterchoice.coop helps consumers locate credit unions in their area. This is the first in a series of educational initiatives promoting the role of cooperatives in the American economy.

Credit unions are cooperative businesses guided by democratic principals that govern all co-ops. Cooperatives exist to serve their members who also act as owners of the business. They provide services and goods which meet specific member needs, such as financial services for a community. And because credit unions tend to be smaller and cater to a select group of people, consumers experience a more personal relationship with the staff than at a traditional bank. Credit unions are routinely rated higher than banks in customer satisfaction surveys.

“The credit crisis and subsequent bank bailouts reinforced consumer perceptions that large, for-profit financial institutions are indifferent or even hostile to the interests of their customers,” says Paul Hazen, CEO of National Cooperative Business Association. “Credit unions have stood apart during this crisis. While many banks have faltered due to high-risk, high-reward investment practices, credit unions stuck to their tried and true practice of making responsible loans to their members.”

Credit unions represent an important consumer-focused part of the financial system. Though credit unions have not been immune to the challenges of the foreclosure crisis, overall they have fared better than banks. Because their mission is serving the needs of member depositors and borrowers, credit unions continue to attract new members. And while many banks have curtailed lending and increased fees even to the most creditworthy consumers and small businesses, credit unions continue to lend responsibly. Almost everyone is eligible to join one of the roughly 9,000 credit unions operating in the United States.

To view the video, please visit www.thebetterchoice.coop. National Cooperative Business Association can also provide credit union background and expert interview resources upon request.


Media Contact:
Steven Van Yoder
Get The Word Out Communications
steven@getslightlyfamous.com
415-294-4133 x2

Company contact:
Jim Jenkins   
National Cooperative Business Association      
jjenkins@ncba.coop
202-383-5447