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Time Warner Cable Airs Story on CUs

NEW YORK - NY 1 News, Time Warner's 24-hour news channel in New York City aired a segment on the station's Money Matters Report on credit unions on May 18 entitled "Credit Unions Offer Non-Profit Alternative to Banks." The segment began with the announcer stating that, "Credit unions are one...

By Staff Writer | Updated on June 01, 2004

NEW YORK – NY 1 News, Time Warner’s 24-hour news channel in New York City aired a segment on the station’s Money Matters Report on credit unions on May 18 entitled “Credit Unions Offer Non-Profit Alternative to Banks.” The segment began with the announcer stating that, “Credit unions are one of the more misunderstood financial institutions. So just what is a credit union?” At that point, NY1′s Paul Messina continued to explain that, “It may look like a bank and act like a bank, but this is no bank. It’s a credit union. Credit unions offer some of the same services you’ll find in banks, but there’s a key difference.” New York State Credit Union League Chairman John Gibardi, president/CEO, Entertainment Industries FCU, explained that contrary to banks having to “answer to and provide profits back to their stockholders and they’re for-profit, nothing else,” credit unions are not-for-profit and “for the consumer.” Gibardi continued to talk about how credit unions are owned by their members and are run as cooperatives, and he explained field-of-membership and how that determines who can join a particular CU. Also participating in the broadcast was Louis Jimenez, president/CEO, Montauk CU. “The banks seem to be our best marketing and P.R. people, because they are really just `feeing’ consumers to death and gouging them at every turn. And where do they turn to? They turn to credit unions,” stated Jimenez in the broadcast. NY1 is available exclusively on Time Warner Cable and covers the city’s five boroughs.

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