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Blog > 2009 > February > Mr. President - How do you feel about cr...
February 10, 2009

Mr. President - How do you feel about credit unions?

I was watching President Obama's first press conference last night and I was intrigued by much of what he had to say. Being part of the financial services industry, one particular exchange caught my attention. Here was the question:

"In your opening remarks, you talked about that, if your plan works the way you want it to work, it's going to increase consumer spending. But isn't consumer spending, or overspending, how we got into this mess? And if people get money back into their pockets, do you not want them saving it or paying down debt first before they start spending money into the economy?"
 
Here was President Obama's answer:

"Well, first of all, I don't think it's accurate to say that consumer spending got us into this mess. What got us into this mess initially were banks taking exorbitant, wild risks with other people's monies based on shaky assets and because of the enormous leverage, where they had $1 worth of assets and they were betting $30 on that $1, what we had was a crisis in the financial system."
 
I was waiting for the President to talk about the strength of credit unions and how well they've been able to manage their assets and their lending practices while other financial institutions have not been so prudent.

This has led to mistrust in consumers towards all financial institutions.

As a credit union, Financial Center takes this very seriously. Each one of our members is important to us and we strive to be a trusted financial advisor in this uncertain period in our nation's history. 

When you visit one of our Centers or talk to one of our representatives on the phone, you are doing business with someone just like you. We are from the same community and we share your concerns as well as your goals. 

While larger banks on Wall Street are the subject of criticism, credit unions operating on Main Street remain as a great option for you to manage your personal finances. 

Take a look at Financial Center today. We're all in this together.  
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