Credit Unions leaving “underserved” areas
September 29, 2009 | alternatives, industry | Comments (0)The economy has taken its toll on credit unions. From Credit Union Times:
First the bad news. The immediate impacts of the economic downturn and the NCUA assessments for the corporate stabilization plan have resulted in some credit unions pulling back on their out reach efforts to lower income areas, according to according to Cliff Rosenthal, CEO of the National Federation of Community Development Credit Unions.
“Right now what we have noticed is a general cutting back on budgets in this area,” Rosenthal said. “Even among some of our community development partner credit unions, there has been a marked shifting of focus,” Rosenthal said. He added that the retreats have been more pronounced in states where the downturn has been worst, but have hit CUs in every state.
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