Hurricane Irene wreaked havoc on much of the East Coast and continues to inflict great hardship on hundreds of thousands of people. Responding to the crisis, the NCUA announced on Aug. 31 that credit unions could serve anyone needing help with emergency financial services, regardless of membership.

That is welcome news. But it is ironic and frustrating that it takes a natural disaster to loosen temporarily the constraints that have prevented credit unions from fulfilling their destiny in the United States. For years now, tens of millions of Americans have suffered from a man-made economic disaster. Average lengths of unemployment exceed previous records. Some people face the prospect that they will never work again at their previous professions. Bruce Springsteen’s words (“My Hometown”) ring sadly true: “They’re closing down the textile mill across the railroad tracks. Foreman said these jobs are going, boys, and they ain’t coming back to your hometown.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.