HIGHLANDS RANCH, Colo. — Demonstrating practical commitment to safety/soundness and calling its action "a bold step," the $150 million Red Rocks Credit Union has lowered rates on its $13 million portfolio of variable rate loans as a way of "reducing the financial burden of our members."
Officials of the suburban Denver CU declined to divulge the cost of the action but said it covers more than 600 loans and was made effective July 1 with members receiving notices of rate reductions in letters sent to homes and businesses.
"We wanted to let our members know first before telling the media of our decision which is designed to show that in this uncertain economy with all of the existing consumer unrest, we are going the extra mile," said Don Arkell, vice president of sales/marketing.
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