Before September 2008, you would almost never see a story about credit unions anywhere in the news. For decades, the mainstream media essentially ignored this sleepy sector of the financial industry. But these days, the news media is pouring piles of positive press on credit unions at a dizzying pace. And from the looks of it, news outlets won’t stop singing the praises about credit unions anytime soon.

Reporters, eager to report on any ray of sunshine they can find in this dour economy, are frequently touting the safety, strength and stability of credit unions. There is a wide range of points these articles make, but the main themes include:

• Credit unions are not-for-profit and owned by members (no shareholders)
• Credit unions typically offer better rates and lower/fewer fees
• Credit unions have money to lend
• Credit unions are more willing to look at an individual’s credit situation when making loan decisions
• Credit unions have insulated themselves from the subprime mess
• Credit unions often service their own mortgage loans, requiring them to be more prudent in their lending practices
• Credit unions are local, and not run by Wall Street bankers
• Credit union deposits are insured through the NCUA up to $250,000
• Credit unions are well-capitalized compared to their bank peers

If you’re a credit union, these are the things you need to be telling your audience.

Here are some of the headlines and excerpts from mainstream news outlets… in just the last two weeks.

“Bad times for banks means boom times for credit unions.”

– Time Magazine

“With banks reeling, depositors turn to credit unions.”

– Triangle Business Journal

“Credit unions offer alternative to skittish banks.”

As the banking industry stumbles through the crisis that has gripped the financial world, consumers have a viable alternative to a traditional bank: a credit union.
– Chicago Tribune

“As economy swoons, more people are joining credit unions.”

With all of the troubles taking place in the financial industry these days, one sector that appears to have avoided the mess of subprime and other shaky loans is credit unions.
– Bellingham Herald

“The uncertainty surrounding banks is proving to be a blessing for credit unions in the state.”

– New Jersey Biz

“Banks’ losses prove to be credit unions’ gains.”

For the most part, area credit unions have sidestepped the worst of the financial upheavals that have taken down some of the largest banks.
– San Diego Business Journal

“As banks tighten credit, credit unions booming.”

The only trouble they have, they say, is getting the word out to more people that they are sitting on money and eager to loan it.
– Crain’s Detroit Business

“Credit unions a refuge in dodgy times.”

– News Wales

“Credit unions show stability in crisis.”

At a time when banks are staggering under losses from the subprime mortgage meltdown, most credit unions are dodging that bullet.
– Inland Valley Daily Bulletin

“In these rocky financial times, with banks going belly up, more people are turning to credit unions.”

– Fox Atlanta

“Credit unions increase in popularity.”

These days, a bank’s loss could be a credit union’s gain.
– Syracuse 10 News Now

“Credit unions are one division of the financial services industry insulated from recent chaos.”

– Seattle Post Intelligencer

“Credit unions a conservative alternative.”

– Maryland Gazette

Here’s a handy glossary to help you translate the news media’s coverage of the economic meltdown, courtesy of The Financial Brand.

“Flight to Liquidity”

Translation: “Mutual funds??? Are you kidding? My money is under my mattress.”

“Mark to Market”

Valuing something on your balance sheet at what it’s really worth. Accountants everywhere cringe at the alternative, which includes them wearing funny clown costumes.

“Credit Crunch”

Translation: “Your loan was declined. Don’t take it personally. Everyone’s loan is declined.”

“$700 billion”

Translation: “$850 billion.” Don’t forget to add in the wooden arrows.

TARP

1. Troubled Asset Relief Program.
2. An economic bandaid that — in relative scale — is wayyyyy bigger than a yard tarp.

“Downturn”

See “crisis.”

“Recession”

Comes in three flavors: Mild, Severe…and whatever this is right now.

“Depression”

1. A clinically gloomy feeling about the economy and life in general.
2. Don’t use this word. It’s taboo. It freaks people out. Besides, it’s just crazy talk… Right?

“Too Big to Fail”

Translation: “Don’t worry boys! Joe Taxpayer’s got your back. There’s trillions more where that came from.”

“Main Street”

The news media’s annoyingly euphemistic catchphrase for people like “you,” “me” and the other 320 million people who have to pay for this mess. (Chosen for its clever pairing with “Wall Street” in sound bites, see below.)

“Wall Street”

Charlie Sheen stars in this 1987 film about stratospheric (if not stereotypical) corporate greed. A generation later, it is recognized as the most effective recruitment video ever made.

“Crisis”

See “meltdown.”

“Confidence”

Another word for “trust.” Either way, it’s gone. See ya. Buh-bye…

“Dow Down 200”

1. Not too shabby! Anything better than -500 is a good day.
2. “Down a little” is the new “up.”
3. It must be time to buy, right? Okay, you first…

“Meltdown”

See “recession.”

“Volatility”

1. Wall Street codeword for “risk” (which in itself is a codeword for “downturn.”)
2. “Buckle your seatbelts folks!”

“This isn’t going to be pretty.”

Translation: It’s ugly.

Need more proof that existing market conditions are creating an optimal environment for credit unions to flourish? Here it is.

“As banks struggle, credit unions get rush of new customers.”

— The News Tribune

“Credit unions make sense now more than ever.”

— Wall Street Journal MarketWatch

“Consumers are now thinking seriously about switching
their cash from banks to credit unions.”

— Northwest Cable News

“Wachovia customers use their feet, head for credit unions.”

— Wall Street Journal MarketWatch

“We’ve run out of switch kits.”

— TAPCO Credit Union, in the News Tribune

“Credit unions have a chance to attract new members to savings accounts right now.”

— Seattle Times

“There is going to be tremendous loan demand. You’re going to have to tweak your strategies, and let more members know you’re there.”

— Dave Colby, CUNA Mutual’s Chief Economist in the Seattle Times

“Despite national downturn, local credit unions are thriving.”

— Wisconsin State Journal

“Credit unions are attracting new deposits.”

— Santa Cruz Sentinel

[The Financial Brand has another article about the opportunities credit unions have in this economy: The media falls in love with credit unions.]

So you’re thinking about running a “safe and sound” campaign? Here are some various perspectives to ponder as you craft your strategy.

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Financial marketers are unsure about what to say:

“The situation is so fluid, it’s hard to figure out what message to
put out today that would be relevant tomorrow morning.”

— Matthew Harrington, US Chief Exec/Edelman Public Relations

====================================

There’s concern about fear-mongering:

“We wanted to strike the proper tone
between being informative and being alarmist.”

— Andrew Gray, Public Affairs Director/FDIC

====================================

Some people are okay with scaring the begeezus out of people.
Fear is a powerful motivator, so don’t be afraid to use it:

“Ads should tell people with money:
‘There is every reason to worry. That’s why we’re here.’”

— Gary Stibel in the New York Times

====================================

One expert warns that a message of reassurance could backfire:

“The last thing that customers need is a
‘everything is OK, trust us’ approach.
That will definitely get them worried.”

— Martin Bishop, Brand Mix

====================================

Some endorse a return to boring banking. Wrong.
Sharing your Five S story does not mean you have to be boring and lifeless.

“There’s something to be said for the old, conservative,
traditional banking model. The stodgy old businessmen may not
be fun and give you deals, but they give you…security.”

— The AP’s Emily Fredrix

====================================

It’s tough trying to figure it all out:

“It’s hard to be reassuring when
nobody knows how it will all pan out.”

— Rebecca Saeger, Charles Schwab EVP/CMO

====================================

There’s a lot of disagreement about what to say and how to sell the Five S’s, but pretty much everyone agrees on this:

“This is not the time for keeping to the course.”

— Gary M. Stibel, chief executive at the New England Consulting Group

Here are over a dozen references to credit unions in the mainstream media in recent weeks. Most of them stop shy of outright endorsements, but many of them unabashedly urge people to make the switch.

[The Financial Brand has a similar article on the media's newfound love for credit unions: As if credit unions need another reminder...]

“Credit unions, not-for-profit financial institutions owned by their members, may be among the safest financial institutions in the nation, despite our nation’s current economic struggles.
— West Orlando News

“As banks fail, credit unions deserve a look.”

— News Observer

“Forget banks, join the credit union.”

— West Orlando News

“Ditch your bank for a credit union.”

— MSN Money

“Wall Street turmoil is credit unions’ ‘golden opportunity.’”

— Seattle Times

“Who says you have to settle for a bank? Relief could be as close as the nearest credit union.”

— MSN Money

“Oregon credit unions boom as lenders flee some banks.”

— The Oregonian

“Anxious consumers, looking for save havens for their money, are steering millions of dollars into Oregon’s credit unions.”

— The Oregonian

“Credit unions are gaining recognition among consumers for not only having avoided the problems that created today’s financial mess, but for being a huge part of the solution.
— West Orlando News

“Local credit unions benefit from customer ‘exodus’ from national banks.”

— Register Pajaronian

“Credit unions, having escaped the financial crisis, are chipping away at their larger rivals’ customer base.”

— TheStreet.com

“If there’s a calm in the economic storm, it may be credit unions, whose investors are sleeping through the night.”

— CNN’s Susan Lisovicz

“Most of the folks I talk to who have abandoned banks for credit unions are thrilled they made the switch. If you’re sick of your bank, why don’t you follow suit?”

— MSN Money

“If you want to own part of the financial institution that you do business with without buying their stock, it’s time to look at a credit union.”

— The Star Ledger

“Data show credit unions to be an appropriate, safe choice among financial institutions.”

— The Washington Post

“This is a good time to consider an alternative to for-profit private banks—like credit unions.”

— Lifehacker (the 6th most-respected website on the internet)

Oh, how times have changed. Less than a year ago, you’d almost never see an article about credit unions in the mainstream media. These days, in the wake of a massive economic meltdown, it seems the press can’t stop itself from singing the praises of credit unions’ “safety and stability.”

To the Credit Union Industry: This is your wake-up call. Market conditions for credit unions have never been more ripe. (If there was ever a time for a national credit union campaign, this is it.)

Bottom Line: If you’re a credit union, the smartest thing you could do is double your marketing efforts — right now — including the budget.

“The culprit? Mountain America Credit Union.
Check out the site, but don’t sign up to do business with them.
At least if I lived in Utah I wouldn’t.
Not after hearing about this horror story.”

– Joseph

“Dear Bank of America, your credit line is a scam!!!
Bank of America will screw you, hide behind legalese and doubletalk.”

– Black Canseco

“After more than a dozen years under the yoke of Wells Fargo,
I finally pulled the plug on the bastards…
I went and pulled all my money out
and walked it down to San Francisco Fire Credit Union.”

– Elite, Yelp! review

“Those bastards!”

– Just Dave

“Banks are never going to be your friend,
no matter what the marketing tagline is.
You know who told me that?
A women working at the bank.”

– Sunili

“Thank you Golden 1. I am sooooo glad you are there to help
when help is needed. My family thanks you.”

– meds4every1

“Virginia Credit Union, you rock!”

– Michael

“I do like VanCity, but I can get a VISA anywhere,
hopefully with less hassle.”

– Colin

“I would prefer more tellers than door boys asking me
if I wanted a drink. If we weren’t waiting so long
we wouldn’t be getting bloody thirsty in the first place.”

– Sunili

“HSBC, ‘The World’s Local Bank’, can’t accept your local currency.”

– Paul

“Zig when others zag. Following the herd means you are destined to forever be a part of the herd. The alternatives are twofold: Lead the herd or leave the herd.”

– Andrew Szabo, CMO/Resource 1 Credit Union

“If you ever have the good fortune to create a great advertising campaign, you will soon see another agency steal it. This is irritating, but don’t let it worry you. Nobody has ever built a brand by imitating somebody else’s advertising.”

– David Ogilvy, ad legend

“The winner is the chef who takes the same ingredients as everyone else and produces the best results.”

– Edward de Bono, originator of the term ‘lateral thinking’

“Hell, there are no rules here — we’re trying to accomplish something.”

– Thomas Edison, inventor

“I can’t understand why people are frightened of new ideas. I’m frightened of old ones.”

– John Cage, computing pioneer

“Don’t worry about people stealing your ideas. If your ideas are any good, you’ll have to ram them down people’s throats.”

– Howard Aiken, physicist

“The secret to creativity is knowing how to hide your sources.”

– Albert Einstein, super genius

“By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest.”

– Confucius, philosopher

“You know something has begun to be
less-than-cool when banks are doing it.”

– butesch, refering to financial institutions using Web 2.0 tools

“In today’s business environment, the word ’same’ could be shorthand for ‘out of business.’” — Dan Clark

“The challenge is that most banks have a long legacy of product-centric, ‘everything for everybody’ ways of thinking. This leads to decision-making and resource commitments that reinforce ‘better sameness’ rather than true differentiation.”

– Frank Capek