Tuesday, August 17, 2010

Los Angeles Business Journal: Credit Unions Come Up Short

Credit unions have a reputation as small, conservative and community minded – not the kinds of financial houses that get rocked when the economy turns down.

But that reputation may no longer be deserved.

Los Angeles County has lost 20 credit unions, more than 11 percent of the total, since the beginning of last year, primarily because of failures or mergers, according to a Business Journal analysis of regulators’ data.

Click here to read the rest of the Los Angeles Business Journal article "Credit Unions Come Up Short."
Posted by at
Labels:

1 comment:

  1. AnonymousAugust 17, 2010 at 10:19 PM

    Not bad. Keith found a derogative credit union story in a major daily newspaper.

    A Google 24-hour news search for the SAME DAY reveals dozens and dozens of similar news pieces on bad/problematic/failing/questionable/insolvent banks. Gotta love that math.

    Hey, how about doing a piece on FDIC insured Morgan Stanley taking over all the parking meters in the City of Chicago, and without limitations began running up the nickel and dime charges for defenseless consumers. $11.6 billion via the meters? Now just how does that banking meter monopoly receive regulatory oversight? How are its risks covered by deposit insurance (backed by taxpayers)? Are extra-weird endeavors like this part of the reason the rest of the banking community got hosed down with the Dodd-Frank Re-regulation Bill?

    Somehow, I cannot recall how running a parking meter concession is connected with the Congressional mission approved for banks of any type. However, I understand it’s ABA policy that tax-assisted depositories should return to their original mission.

    Good thing bankers-turned-meter readers make news; good thing Keith likes intensive reading. It must be hard to find a credit union story among all the strange, strange banking news.

    ReplyDelete

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.