WASHINGTON – Credit unions are a good deal for all Americans and there is a credit union for everyone, said former NJCUL president/CEO and CUNA’s new EVP of Strategic Communications and Engagement on Bloomberg Radio Monday.
"Not everyone can join each credit union, but there is credit union for everyone, and to find one, all a person has to do is go to aSmarterchoice.org and answer three simple questions," Gentile explained.
When asked about the difference between credit union and banks, Gentile explained that credit unions are member-centered financial institutions that have no shareholders to satisfy the way banks do, so benefits flow directly to credit union members, providing them more favorable terms on loans and interest rates.
This was especially true during the financial crisis, he added. "Credit unions continued to lend to meet consumer demand when banks did not," Gentile explained. "Two million people joined credit unions last year, and we want to see regulations loosened so we can lend more," he added referring to 1998 legislation that put in place a lending cap for credit unions.
To listen to the Bloomberg Radio segment, click here and scroll down to the bottom of the page.