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Michigan Credit Union League Home » Information Services » Publications » Contact » 2009 » 3rd Quarter  


Click here to download a full PDF of Contact for third quarter, 2009.

PROTECTING THE AMERICAN DREAM

While the housing crisis lingers, credit unions continue to shine by providing consumers with mortgage lending and counseling they need in tough times. 

Taking a step back and looking at how things have unfolded for credit unions over the past year, it’s still hard to believe how much better positioned the industry was than other financial institutions for the tumultuous results of the burst housing bubble. It hasn’t always been easy – the corporate credit union system in particular was hit hard by troubled, mortgage-backed investments – but when the national economy tanked, credit unions were able to turn the situation into a positive one for consumers and the industry by continuing to lend, and highlighting their personal service and commitment to the community. The result has been high regard for credit unions among lawmakers and consumers and impressive growth in loans, savings and membership.

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