Only 1 in 10 credit unions is financially strong

[xchrom]

http://latimesblogs.latimes.com/money_co/2011/07/only-1-in-10-credit-unions-is-financially-strong.html

If you’re thinking of ditching your bank for the perceived financial stability of a credit union, you may want to think again.

Nearly one-third of the nation’s 7,391 credit unions are financially weak, while only one in 10 are strong, according to an analysis by Weiss Ratings in Jupiter, Fla.

The firm assigns financial safety ratings based on its analysis of publicly available data. Weiss, which has analyzed banks for many years, launched its credit-union ratings in March.

Only 736 credit unions were found to be strong –- meaning a grade of B+ or better –- and only 372 got A’s, according to Weiss.

[snagglepuss]

1. If that is the case then simply find one of the credit unions that is strong.

[Lyric]

2. What's their definition of "strong"?

Do they mean financially sound? Powerful? Players in the stock market? Or do they mean supported by a fierce, loyal, LOCAL customer base? What are the criteria they're judging on, and how are they taking the intrinsic differences between banks and CU's into account?

I think, perhaps, that what makes a bank strong is not necessarily what makes a credit union strong.

[mfcorey1]

3. Well, the more people drop these sorry banks and patronize the credit unions, the stronger they will

become.

[OneGrassRoot]

7. +infinity n/t

[gvstn]

4. Mine is a B+

http://weissratings.com/creditunionlists

Email: [e-mail]
Pass: bugmenot

[Fuddnik]

5. Maybe that's why I can't log on to mine this morning.

[krispos42]

6. Password to access the Weiss rating...

[e-mail]

Password: bugmenot


http://www.bugmenot.com/view/weissratings.com

:evilgrin:

[sarcasmo]

8. My credit union is ten times friendlier than any mega corporate bank. I need to research

Weiss ratings in Jupiter Florida. My guess this Weiss ratings is a tentacle of the mega bank.

[hobbit709]

9. Interesting that ALL the CUs in TX are rated strong.

[Davis_X_Machina]

15. As a legacy of the Depression..

...Texas still has some very strong banking and finance regulation.

Kevin Drum at Mother Jones had a nice piece last spring on the issue.

[kick-ass-bob]

10. Mine's not on the list.

:shrug:

[krispos42]

12. You can do a check by credit union name

http://weissratings.com/ratings/Default.aspx



I bank at Wells Fargo... it has a "D" rating.


Shit.

[kick-ass-bob]

13. I did. Then I checked the NC credit unions, and it's not there:

NC State Employees Credit Union (NCSECU)

Never mind: STATE EMPL CU

Like I'd figure that one out...

[Big Blue Marble]

11. Thanks.

Just checked. Mine has an A-.

[ProdigalJunkMail]

14. here are the ratings from BankRate

http://www.bankrate.com/rates/safe-sound/bank-ratings-search.aspx

Our CU has fallen by 1 star in the last year...ugh.

USAA here we come.

sP

[Greybnk48]

16. I'm sticking with the CU. Weak or strong, I'd rather

support my CU than a fucking Bank.