It's Time To Increase CU Rate Ceiling
Our credit unions get less than a fair shake by denying us access to the same lending rates as our "troubled banking brothers" enjoy everyday. Our capital is at 18.0% vs. banks' capital at 30.0%-plus.
In today's negative economic climate the general public has less access to the lending resources of too many financial institutions, including some credit unions.
By continuing to restrict credit unions to an 18% cap, we often feel we cannot justify lending to some members, at our bargain basement rates, thereby forcing them into the waiting arms of pay-day lenders and high priced finance companies.
We don't need a quarter million dollars worth of insurance; we don't need a "bail-out," we need a level playing field in the market place. Give us a break!
Mark McCormick, CEO,
ACBA FCU, Pittsburgh, Penn.
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