Before the arrival of the Credit Union, people who were from the poor background or a working class background couldn't borrow from banks.
If your bank took bailout money, take your money out of that bank and put it in a credit union. Credit unions are owned by the people who have their money in the credit union.
There could be a 'community of communities' rather than a state. They would be united in some way but without any governing body. It would be made up of unions, credit unions instead of banks. There would be no more lending at interest. There would be no more money lenders.
The financial collapse of 2008 got its start with predatory mortgages, that weren’t sold by community banks and credit unions, they were sold by fly by night mortgage brokers who had almost zero federal oversight and then the big banks looked over, saw the profit potential and they wanted it bad. So they jumped in and sold millions of these terrible mortgages while the bank regulators just looked the other way.
Make it a priority to have at least eight months of living costs set aside in a federally insured bank or credit union account.
In the old days, when you took out a mortgage, it was probably through a local bank or a credit union, and whoever gave you your loan held on to it for life. If you lost your job or got too sick to work and suddenly had trouble making your payments, you could call a human being and work things out.
Of all the young men in America only a few hundred can get into major league baseball, and of these only a handful in a decade can get into the Hall of Fame. So it goes in all human activity. .. Some become multimillionaires and chairmen of the board, and some of us must be content to play baseball at company picnics or manage a credit union without pay.
If you are worried about job security and do not have an adequate emergency fund (ideally eight months' worth of living expenses stashed away in a federally insured bank or credit union), you need to focus more on saving money than paying down the balance on your credit cards.
For small community banks and credit unions, like those in Central and Northern Wisconsin, the hundreds of new rules will require an estimated 2,260,631 labor hours just for compliance. Those are hours that your local bank or credit union will spend dealing with some Washington bureaucrat instead of focusing on the needs of customers like you.
Imagine you waking up tomorrow and you can't get a bank account; you can't get a credit union account. Everything has gone away and you're now living in poverty.
Democrats are ready, willing, and able to provide regulatory relief for community banks and credit unions.
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