Military credit unions are being forced to cough up nearly $5 billion to bail out a small group of corporate credit unions that lost their shirts chasing risky loans. This would put almost half of military credit unions into the red and cause reduced loan opportunities, reduced savings returns, and higher loan rates for millions of military families.
I’ve been a member of Navy Federal Credit Union since ’77, it’s sad to see the socialists penalize good financial institutions for the mistakes of the irresponsible ones.
Unfortunately, these types of institutions are small and it is difficult to get the attention of Timmy G. (Has he figured out his parking space for his razor scooter yet?)
Hat tip to the folks at Military Officers Association of America