Authored by:
Credit Unions Rising
Excerpted from:
The Callahan Report
Credit unions originated $525 billion in loans to over 39 million members in
2008 and 2009, the period of the worst credit crisis in a generation. The
2009 total of $272 billion was a record year. When all the other financial
markets were in “cardiac arrest,” credit unions kept Main Street America
going. Credit union members did not rely on the “kindness of strangers.”
Rather, the corporate system, which never once failed to honor a draw on its
$72+ billion in advised lines to its members, enabled retail credit unions to
meet this critical “counter-cyclical” public policy responsibility.
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