WASHINGTON–Credit unions have received some feature treatment from the Washington Post.
Under the headline, “The basics behind credit unions: An inside look at what sets credit unions apart from other financial institutions,” the article, created by the Post’s BrandStudio, goes back to the 1930s to cite an all-but-collapsed banking system to note, “Seeking an alternative, vulnerable Americans increasingly began pooling their precious savings in the form of lending cooperatives, otherwise known as credit unions.”
In the nine decades since, the Post reported membership has “ballooned” to more than 102 million in the U.S.
The article, which highlights PenFed, explains how credit unions are different from banks, including using earnings “to give their members a better deal.”
What 1 CEO is Thinking
“I wake up each day thinking about how I can pay as much on deposits and charge the least I can on loans to benefit our members, who are our owners,” PenFed CEO James Schenck is quoted as saying. “A bank CEO’s primary responsibility is to pay the least they can on deposits and charge the most on loans and return the difference to shareholders.”
The article goes on to offer answers to three questions: What are the benefits of CU membership, how are credit unions helping people during the pandemic recovery, who do credit unions serve, and can anyone join a credit union?
The full article can be found here.