SAN ANTONIO-The Alamo Chapter of CUs sponsored a townhall-style Financial Forum on a local television station giving views the opportunity to ask financial experts questions about their financial concerns.
The event was featured as part of TV station KENS 5 "Great Day SA" show. CU employees staffed a telephone bank during the program and a local credit counseling service provided experts for the program and staff for the telephone bank.
Hundreds of callers who had financial questions and concerns about the economic climate took advantage of the free educational program. Questions ranged from deposits and insurance, mortgage lending, consumer and auto lending, to education loans, the current economic climate, collections and credit counseling.
"The major difference between credit unions and banks is ownership; credit unions are not-for-profit cooperatives, owned by members, and banks are for-profit institutions, owned by stockholders," said Robert Williamson, chapter president.
Asked about the impact of this type of program, a panelist said it is valuable for individuals as well as businesses to get their questions answered on a timely basis, especially in tough times. Calling in to ask The Alamo Chapter provided the program for educational purposes, and it encouraged viewers to contact their credit union or financial adviser for advice in their specific situation.
Members of the chapter are working cooperatively to enhance overall consumer understanding of how credit union deposits are insured to at least $250,000 through the National Credit Union Share Insurance Fund (NCUSIF). NCUSIF is backed by the full faith and credit of the U.S. government, but has never required financial assistance from the federal government, the chapter emphasized.
One panelist put the main message in perspective: "We want to tell everyone that credit unions have money to lend, and that they are strong, stable institutions in which to deposit your money."
