NEW YORK (7/28/09)--With the current financial crisis gripping the U.S., credit unions are stepping up like superheroes to offer better financial rates to the public, which has lost trust in large financial institutions, said an economics professor Monday in a New York Times blog.
"Credit unions always seemed like Dullsville to me," wrote Nancy Folbre, economics professor at the University of Massachusetts-Amherst. "I never bothered to check out the interest rates, much less the governance structure of credit unions I was eligible to join.
"But in the wake of the financial crisis, they began to look more like Clark Kent, who turned out to be Superman," she continued. "When the big American banks started sucking up to funds from the Troubled Asset Relief Program, or TARP, credit unions, with many fewer subprime mortgages on their balance sheets, started looking really good."
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Courtesy of cuna.org