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