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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: Expect all the good news stories about how credit unions are “safe and sound” to evaporate.
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.”
— San Luis Obispo Tribune
“Credit unions become new safe harbors.”
— Fort Worth Business Press
“If you think credit unions are single-location dinosaurs available just to employees of certain firms, it’s time to think again.”
— Yahoo! Finance
“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.”
— Naperville Sun