All credit unions care about is helping people get affordable loans and excellent rates. That's where our profits go. Instead of being afraid of what's happening in Wisconsin, the rest of the country should be hoping it comes to them. And, they say a member's desire to repay is considered just as important as their on-paper financial ability to repay. The independent credit union member is more affluent than the commercial bank customer.
Recent studies show just the opposite.
It's also a banker myth that credit unions are lax and basically run free, says Wolff. We have a very stringent regulatory structure. We can't invest in equities, can't issue stock to raise capital and we have much tighter business restrictions. For example, credit unions can't provide members with business loans for commercial development. These new laws will remove all boundaries from credit unions.