NEW: Sen. Warren: CU 'Reliable' Model a Bright Spot In EconomyWASHINGTON (2/27/13, UPDATED 10:30 a.m. ET)—Sen. Elizabeth Warren (D-Mass.), speaking to the Credit Union National Association's Governmental Affairs Conference here this morning, directed the spotlight to shine brightly on the credit union difference.
Across her state of Massachusetts--and all around the country--member-owned credit unions are looking out for people, she said. "That's what credit unions do-they work for their members."
Remembering the unfolding of the country's recent financial crisis, the senator said that as one Wall Street banking scandal after another unfolded, credit unions remained a bright spot in the financial industry.
"Credit unions did not break this economy. They did not build business models around tricking their customers. When the economy faltered, they did not turn their backs on the families and small businesses that needed them.
"On the contrary, credit unions worked hard to lead our economic recovery, responsibly and reliably providing credit to their members that need it. The credit union motto says it all: 'not for profit, not for charity, but for service,'" Warren, who was instrumental in setting up the Consumer Financial Protection Bureau before she won election to become Massachusetts new senator, said.
See News Now Thursday for more on Warren's remarks.