Mich. CUs Featured in Crain's (Misc News: February 27, 2012)
Several Michigan credit unions and MCUL & Affiliates are featured prominently in one of the state’s top business publications.
The Feb. 26 edition of Crain’s Detroit Business has an extensive look at recent credit union growth trends in an article titled “Taking it to the Banks.” The piece credits “widespread consumer dissatisfaction with large banks and a stepped up advertising campaign” as driving factors that put the CU industry in the spotlight for much of late 2011.
The article also looks at the impact of the Occupy Wall Street movement and Bank Transfer Day, but MCUL & Affiliates CEO David Adams was quick to point out that there were many factors that were driving industry growth before the “Occupy” movement began, citing the 2009 and 2010 credit crisis and increasing bank fees.
Hank Hubbard, CEO of Communicating Arts CU, said his credit union, which serves many low-income Detroiters who , has continued to see large numbers of new members several months after the much-hyped Nov. 5 Bank Transfer Day event. He feels that the frustration many of the “Occupy” demonstrators expressed continues to be a factor.
“The unbanked people are unbanked because the banks won't give them bank accounts," Hubbard said.
The article also looks at how some community banks, such as Bank of Birmingham, have joined with credit unions in a partnership through the Commercial Alliance service organization.
"It's been a great relationship," said Rob Farr, the bank’s president and CEO. "Both credit unions and community banks have benefited from what's going on with the national banks and customer dissatisfaction.”
To read the full article, click here.