Community Banks: Why not Credit Unions?

There is much talk about community banks. They are good because they are local. Why credit unions do not step up to take on this important role in these difficult times. What we need is consumer as owner of the services because only then we can be assured of consumer interests being paramount.

Credit unions are a tested model with adequate regulations. NCUA (National Credit Union Association) needs to look at the present economic crisis as an opportunity to further promote the cooperative principle and promote local institutions to provide financial services.

There is an opportunity to leverage the refinance of mortgages held by people who are keeping up with payments but are unable to benefit from the lower interest rates. Isn't there a possibility for negotiating with the federal government to get funds to create an innovative refinance program?