WARMINSTER, Penn.-The Intelligencer published a letter to the editor from Freedom CU Chairman Joe Yerkes titled, "Banks Need to Stop Credit Union Fight."
The letter addressed what Yerkes called the banks' misuse of bailout money and their costly attacks and lawsuits against credit unions, which are designed to take away people's right to choose a credit union for their financial services.
Credit unions were included in a Wall Street Journal story on how couples getting married increasingly prefer to receive cash, rather than gifts, but are unsure how to ask for it. The story noted that at least 19 credit unions offer the MatriMoney service, which is licensed by North Island FCU in San Diego after being developed by the Filene Research Institute's i3 Project. Filene was mentioned in the article, as well.
The Miami Herald featured Pembroke Pines, Fla.-based Power Financial Credit Union's CEO Allan M. Prindle saying that the CU can weather the economic storm by following a conservative business model, with an exceptional level of capital.
The story included a quote from Prindle saying "Our members are our primary focus and we manage the credit union accordingly - we are not immune from economic downturns but we have 'stayed the course' while many others made decisions which now prove to be decisions that were not sound or prudent."
The article noted that Power Financial CU holds no securities having underlying subprime-backed securities, no commercial mortgage-backed securities, or collateralized debt obligations.
