Warren Lauds CUs for Shining Brightly During Recession

‘CUs worked hard to lead our economic recovery.’

February 28, 2013
KEYWORDS credit , economy , unions
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Elizabeth Warren

Massachusetts CU League President Dan Egan greets Sen. Elizabeth Warren during CUNA's GAC.

Sen. Elizabeth Warren (D-Mass.) praised credit unions Wednesday for looking out for people across her state and around the country.

“That’s what credit unions do,” she said. “They work for their members.”

Recalling the nation’s 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,” said Warren, who was instrumental in establishing the Consumer Financial Protection Bureau [CFPB] before winning election to the Massachusetts Senate. “The credit union motto says it all: ‘Not for profit, not for charity, but for service.’ ”

Warren discussed the changes to the financial services market from a generation ago to when the financial crisis hit. She said that by the time of the crisis some financial services providers no longer provided transparency for consumers on such things as terms for credit cards, checking accounts, mortgages, and signature loans.

“While credit unions continued to provide clear, high-quality service for millions of Americans, a different form of pricing had become all too prevalent elsewhere. Too many credit card companies and mortgage lenders used a low advertised price on the front end to entice customers, and then made their real money with fees and charges and penalties and re-pricing on the back end. The costs and risks of products became harder to see, which meant that comparison shopping was almost impossible and the market became less and less efficient.”

She said families and small financial institutions alike were hurt as shady lenders adopted business models based on tricks and traps. “In other words, the game was rigged against consumers and against small financial institutions.

“When I set up the CFPB I wanted to increase transparency in the marketplace and to level the playing field for credit unions and other providers that want to do right by consumers.”

Warren criticized GOP opposition to confirming a CFPB director and asked credit unions to encourage lawmakers to approve his appointment.

(Via News Now)

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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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