Berger: CUs proved their mettle during crisis
NAFCU President and CEO Dan Berger
Oct. 1, 2013 – NAFCU President and CEO Dan Berger, in an editorial in the Huffington Post on the subject of the five-year anniversary of the financial crisis, points out that credit unions continue to uphold their reputation as trustworthy, community-focused alternatives – a “bright spot amid the financial rubble.”
“Though credit unions were not immune to the impact of the financial crisis, they proved their mettle during the tumultuous times and continued to provide exceptional service and serve Main Street - even as banks turned people away,” Berger wrote. “This is amply illustrated in a study commissioned by the Small Business Administration's Office of Advocacy in 2011 that found that during the 2007-2010 financial crisis, as banks' small-business lending decreased, credit unions' business lending grew.”
Berger also discussed the irony of banks “claiming unfair competitive advantage” on the part of credit unions, when only two banks have converted to credit unions in the past 15 years. He also cited the independent study commissioned by NAFCU last year which showed that the credit union tax exemption benefits the economy as a whole, and would cost the government $15 billion over the next decade in federal income tax revenue if it were eliminated.
Huffington Post editorial