In an effort to raise awareness about credit unions amongst consumers being hit hard by the economy, several credit unions (and companies that serve them) banded together to place a three-page advertorial in the business section of the NY Times this week.

The advertorial, titled “Rock-solid credit unions hunt for more borrowers,” clarified the fact that credit unions are in a much different (and better) financial position than most banks today. The reasoning behind this is that most credit unions stayed away from making risky mortgage loans that are now causing trouble for so many larger banks. Credit unions also operate with the consumer’s best interests in mind, rather than stockholders, as credit unions are member-owned cooperatives.

Jeff Russell, senior vice president of strategic development for TMG, was quoted saying, “Credit unions have a great opportunity right now. Consumers are fleeing to safety and they are looking at credit unions.” He also added, “Credit unions are consumer-centric and that is what today’s consumer wants to hear.”

Among the sponsors for the advertorial were CO-OP Financial Services, CUC Mortgage Corp., CUNA Mutual Group, WesCorp, Pentagon Federal Credit Union, Navy Federal Credit Union and New York Times Federal Credit Union.

You can find further discussion about the article and quotes from Dan Mica, president/CEO of the Credit Union National Association, on CUNA News Now.