# Addressing the Credit Union Problems



## Wilkes (8 Nov 2006)

Is this finally an industry position paper on itself that makes sense? [broken link removed]


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## Riddler (9 Nov 2006)

The report should get people talking which it seems to be geared for. It's refreshing to see that finally some common sense is being written about the future of credit unions. Far cry from the propoganda we have become so used to from the League. 

Wonder what their response will be ?

R


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## ClubMan (9 Nov 2006)

Riddler said:


> Far cry from the propoganda we have become so used to from the League.


Maybe not such a far cry? The highlighted comments are not necessarily true:


> *Credit Union Membership....what does it mean?
> *
> Every person who saves in a credit union is an owner, and has a say in its running. Each member has one vote in the running of the credit union, regardless of the amount of business he or she has at the credit union. The member has a right to vote at Annual General Meetings, and when electing the Board of Directors. Members can also stand for positions on the board.
> Credit unions are motivated to put their members' needs first, and therefore provide excellent service. There are no external shareholders influencing its activities. Credit unions are owned by members for members and their Boards reflect the will of the membership.
> ...


 In particular there arguably *are *hidden costs to _CU _credit when you consider that most require the borrower to maintain money in shares/on deposits thus inflating the real cost of credit.


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## Riddler (9 Nov 2006)

Clubman
Have you read the paper yet ? I have and for the first time it seems that credit unions are writing honestly about themselves and dealing with the issues they face. 

Riddler


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