CNN, Forbes on CUs: 'Grab them while you can' ATLANTA (9/19/08)--"If there's a calm in the economic storm, it may be credit unions, whose investors are sleeping through the night," reported Susan Lisovicz of CNN Thursday during an interview with Neil Weinberg, senior editor of Forbes Magazine. "We've had mergers and bailouts and a lot of us are nervous. Tell us why we should take a second look or in some instances a first look at credit unions," asked Lisovicz, amid banner headlines that said, "Credit unions weather rough seas." Weinberg's answer focused on two reasons why "credit unions are a safe harbor": Credit unions are operated as a "stable and profitable business, taking deposits from you and me through our savings and checking accounts, and lending out money for car loans, which earns a spread that is profitable." Most credit union accounts are federally insured by the government up to $100,000.   "They tend to be conservatively managed and federally insured, which in this day and age is what you want," advised Weinberg. He explained that through lobbying in Washington, credit unions have "managed to open the doors of membership quite a bit" and in many cases a person related to someone in an affinity group can join a credit union. "You want to jump on board," Weinberg advised. When asked what is it about credit unions that doesn't lead to the same kind of forecast for other commercial institutions, Weinberg said credit unions haven't got into the same trouble as commercial banks that specialized in mortgages and made risky home loans. "Typically, credit unions have federal charters and federal inspectors, with strict, tougher rules. Because they began as agricultural cooperatives, they are run conservatively. You want to go for those credit unions." "I got the message," said the Lisovicz. "You want to go for a credit union. Grab them while you can."

The U.S. Patriot Act What is the U.S. Patriot Act? The U.S. Patriot Act was enacted in response to the terrorist acts of September 11, 2001. The intent is for banks, credit unions and other financial institutions to verify the identity of all people who do business with them. It has become clear that terrorist groups have used our banking industry to funnel money to commit crimes. How does this affect you? The Act was passed in an effort to improve public safety and should not directly affect most people. We will, of course, ask to verify your identification occasionally (once the Act takes affect and periodically thereafter). This is a good safety precaution for you as a member anyway due to increases in identify theft over the past several years. I’ve been a member for years, why are you checking my identification? We understand your feeling that it seems silly to check the I.D. of someone we have known for years. However, to guarantee that nobody “slips through the cracks” the law was written so that all customers and members identities are verified. This will not have to be done each and every time you come into our office but it will have to be done periodically. Please bear with us and we hope you’ll understand the need for us to comply with the U.S. Patriot Act. The intent of the law is to help guarantee a more secure country and to make certain the banking system is not inadvertently aiding people or groups who wish us harm. What does the credit union do with our identification? We are required to keep proof at the credit union that we have verified your identification. We are just supposed to keep a record that we are complying with the Act. Our member base is periodically checked against a list of known or suspected terrorists. This act should have little or no affect on law-abiding citizens.