HARAHAN, La. (8/18/08)--The Louisiana Credit Union League has responded to news reports about the economy with an op-ed newspaper article noting that "one positive remains steady--Louisiana's credit unions."
The article, written by league President/CEO Anne Cochran, appeared in theadvertiser.com (Aug. 15).
It points out that 72% of all credit unions in Louisiana were rated in the highest two categories based on safety and soundness in 2007.
The CAMEL (capital adequacy, asset quality, management, earnings and liquidity) ratings indicate that credit unions' management is "experienced, capable and operated under adverse conditions following hurricanes Katrina and Rita in 2005," wrote Cochran.
She explained that all Louisiana credit unions are covered by the National Credit Union Share Insurance Fund and backed by "the full faith and credit of the U.S. government."
Cochran referred to other financial institutions pushing through the up and down economy while credit unions "remain strong, offering good rates on savings accounts and low rates on loans.
"In these uncertain economic times, individual and businesses are looking for a safe place to put their hard-earned money. The credit union is that place," the letter concluded.
courtesy of cuna.org