Credit unions get valuable coverage in Indiana magazine
League President McKenzie emphasizes CU message, counters banker's comments
January 11, 2006

INDIANAPOLIS--Indiana's credit unions received positive media coverage in the form of two stories in the January/February issue of BizVoice magazine, which is published by the Indiana Chamber of Commerce and distributed to more than 12,000 readers including company CEOs, business leaders and government officials. 

One story provided highlights of a roundtable hosted by the Chamber that League President John McKenzie participated in with a banking industry representative, an attorney who specializes in financial institutions, and a finance professor. The roundtable focused on similarities and differences in credit unions compared to banks, as well as credit unions’ federal tax exemption.

The story included comments from McKenzie which covered: the differences between credit unions and banks which serve as the basis for the federal tax exemption; how Indiana’s credit union members benefit financially by $160 million a year compared to if their only option was to use a bank; that the average income of individuals using only banks is substantially higher than those who use only credit unions; how small businesses would be the winners if credit unions are permitted to expand business lending services; and credit union involvement with a program in South Bend that helps low and moderate income residents secure mortgages at better terms. The concluding paragraph of the story included his comment: "There’s no personal enrichment in the credit union cooperative structure. Some of the problems that have crept into corporate America as far as personal enrichment and how that has manifested itself, that isn’t anywhere to be found because the credit union structure in and of itself protects from it."

Another story, entitled "Financial Industry Update," was an overview of some of the challenges faced by financial institutions and how they are being met. The story quoted Ron Budzinski, president of La-Porter FCU (Michigan City), and Todd Beehler, vice president of lending at Beacon CU (Wabash), regarding regulations, security, and the services provided by their credit unions.

About the magazine stories, McKenzie commented, "This kind of coverage provides a valuable avenue to get more of our credit union message to business and government leaders."