Pulling out all the stops, the credit union trades were in damage control mode all last week to tamp down public worries about credit union safety and soundness and a "credit union bailout," which appeared in several headlines after the NCUA took action on corporates.
The negative message initially contained in articles in the national media, principally in The Wall Street Journal and then repeated for a time on blogs and Internet sites, gave CU managers from New York to Texas both heartburn and some worry about a possible panic, generating a public turning against CUs and members pulling deposits.
There was a palpable fear the white hat image earned over the last year by CUs against banks might be lost, but by week's end, such concerns were allayed or muted.
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