Fox Business Channel has featured two good credit union segments in the past few weeks. On Wednesday, CUNA President/CEO Bill Cheney was a featured guest talking about "Freeing up Capital for Small Businesses." Cheney was asked why a cap was put in place in the first place. He talked about the fact there was never a cap until 1998 and then it was arbitrarily set at 12.25 percent. When the Fox anchor asked who would be against it, Cheney said, "the only people we can see against it are the banks."
Cheney was also able to explain the credit union difference and what makes them unique. He talked about how the members own it and that helps keep rates and fees lower, while providing for a higher rate on savings. In all, it was a very good spot for credit unions. Click below to see the interview.