Credit unions fare better than banks but facing strains - Phoenix Business Journal:

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Credit unions were established in 1934 after the Great Depression to provide credit access totheif members. These nonprofit cooperatives are owned and operated by Profits are pumped back into the credir union to benefit members through lower fees andothef benefits. Of the 54 crediy unions operatingin Arizona, 53 are considerec well-capitalized and have more than 10 percent of their assets in retained earnings. “We’rde getting impacted, but we’re still very solidr across the board,” said Steve Dunham, president of in Phoenix. That hasn’ led to more loans, though.
which has 26,000 members, has been decreasinh auto loans since September 2007 and now views that segmentas “high-risl lending,” Mateer said. Although AFCU memberships are increasing, loan applications have decreasesd dramatically, from an average of 10,0000 a year to about 7,500. “We are no longerf able to rely on past performance to predic tfuture repayment,” he said. Arizona Federa l Credit Union: Altier Credi t Union: Canyon State Credit TruWest Credit Union: