Credit unions glow in media spotlight (Part IV)
November 20, 2008
Back in September, as the economy began disintegrating, an unusual trend began to emerge. The media — who had been ignoring credit unions for decades — all of a sudden started talking about these member-owned financial cooperatives that had managed to avoid the economic catastrophe. Hundreds of articles later, it doesn’t appear that the trend will stop anytime soon.
Reality Check: The biggest PR bonanza to hit credit unions — ever — will come to a screeching halt if they take TARP bailout money as part of a “rescue plan” to address “toxic assets.” Expect all the good news stories about how credit unions are “safe and sound” to evaporate. Poof! Gone.
This is Part IV of The Financial Brand’s on-going coverage of the media’s lovefest for credit unions. Here are the other installments in case you missed them: Part I, Part II. Part III includes a summary of the main themes the media has been hitting in their articles.
“Downturn sparks credit union rush.”
“Credit unions weather downturn.”
“Credit unions become new safe harbors.”
“If you think credit unions are single-location dinosaurs available just to employees of certain firms, it’s time to think again.”
“As U.S. banks retreat, credit unions step up loans.”
– Reuters
“While banks struggle with risky investments, credit unions avoid the fray.”
“A credit union can help you through these tough times.”
“In today’s economic times, credit unions offer some better options.”
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Previous related stories from The Financial Brand:
- As if credit unions need another reminder…
- The media falls in love with credit unions
- When will the media’s infatuation with credit unions end?
- PR now completely overshadows ads in financial crisis
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Filed Under: Public Relations
Tags: Credit Unions, TARP
December 16th, 2008 at 6:57 am
[...] the past few months, mainstream media had been heaping mounds and mounds of glowing press on credit unions. But last week, the TARP got thrown on credit unions and what happened? Poof! The [...]
January 25th, 2009 at 4:59 pm
Jeffry – thanks for being so thorough in tracking all of the positive press and for the REALITY CHECK! I couldn’t agree more.
I’ve been referring tons of people to your blog.
January 26th, 2009 at 8:13 am
Thank you AND you’re welcome Denise!