Forum Post: if credit unions are such a good idea...
Posted 13 years ago on Nov. 5, 2011, 8:53 a.m. EST by ithink
(761)
from York, PA
This content is user submitted and not an official statement
well, the credit union seems to be working correctly. Why can't we set up more systems that would work this way. Like health insurance companies. Why can't they be run for the people by the people and not for profit? I hate the idea of socialism, I don't want more of that. We have way too much socialism already and it does not actually help people. All of the volunteer work around communities is so disorganized. Why can't this type of thing also run like a credit union. All of these things involve money also.
Credit unions are highly regulated, and for a while they were not allowed to do any business lending. Once the regulators allowed them to do so , and they began to make business loans, the economy went to shit, and now the regulators want to ban credit unions from giving business loans. Don't be under the illusion that credit unions are owned by the depositors and that they have say in how the credit union is run. That is false. Just like the FDIC does with the banks, the NCUA regulates and insurers credit unions.