Credit unions future

[Cavanbhoy]

Hi am involved in a small/ medium Cu on a voluntary basic and wondering what peoples opinions are of them future wise. And would you use consider them for a loan or is it primarily seen as an option for first time borrowers or customers who dont meet banks/ avant criteria.

 

[Pinoy adventure]

I would consider them for a loan.i actually asked them for a 20k loan last year and they said no even though I'd being a member years with many loans over a 10 year period and have no bad credit history with them.id guess they are here too stay.
Although my eyes were opened too some of there lending practices recently on here

 

[WizardDr]

The reality is that CBI tried to strangle them with 'regulations' some needed but forcing consolidations.

Biggest issue is that many with good qualifications would never seek a Board appointment and that is the slow burner. Think of it the catholic church as the average age rises slowly and is suddenly 70.

BB here thinks they offer little value and that is partly true,

There are 5 mortgage markets and the remortgage / equity release is where they should simply go. Good solid medium term lending and avoid the FTB for a while.

But that would mean consolidated thinking.

THey must also get into electronic signatures - not the expensive b/s that is peddled and they must review their AML as they report more cases for there sizes compared to Banks - about 20%. You will notice that CBI have never criticized them on STRs.

Young folk are needed and they need to be 'different' from Banks which is becoming difficult as they adopt banking practices as @pinoy outlines - if he did not fit criteria I would have invited him in and gone through it with him.