[lbo-talk] credit union data

[ken hanly]

 I assume that U.S. credit unions are run by a board elected by the members. There are no profits but at most surpluses that are to be returned to members often in the form of  reduction of interest on member loans. They are democratically run and members receive back any surplus and on the basis of their participation in the CU, It does not matter how many shares you own, you have only one vote. Compared to a regular corporation this is transformative. Your return in a traditional corporation is according to the shares you hold and so are your voting rights for the board. It was because in western Canada in particular farmers and others felt they were being exploited by banks that CUs have flourished. Many small towns have no bank only a CU.
   As with many movements many CUs have changed. Some of the larger CUs are no better or even worse than banks and have been taken over by management that wants growth  rather than trying to follow the original ideas of the movement

Cheers, ken
 

________________________________
From: Doug Henwood <dhenwood at panix.com>
To: lbo-talk at lbo-talk.org
Sent: Saturday, November 5, 2011 3:56:15 PM
Subject: Re: [lbo-talk] credit union data

On Nov 4, 2011, at 7:27 PM, Miles Jackson wrote:


> I always use the credit union.  Better rates, and they never jerk me around.

That's a fine argument in their favor. They're not politically transformative, though.

Doug
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