Earlier this year, we heard stories from around the country about how even people with great credit were unable to get loans. That never happened here at Gulf Coast Educators. In fact, while others were freezing their lending, we stepped it up and let people know that we had plenty of money to lend.
You see, that is what credit unions are designed to do; help our members. Chip Filson, a well known and respected credit union consultant, recently called credit unions the first responders of the financial crisis. He went on to say that as the big banks shut down consumer lending, credit unions stepped up without any prompting. The credit unions responded to the crisis by continuing to make loans, collaborate with the car makers to make loans available with special pricing, and working with members facing foreclosure. All without being asked or told by the government. Again, it's just what credit unions do.
During these tough times, please let us know what we can do for you. Afterall, we are your financial first responders.
