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CREDIT UNION NATIONAL ASSOCIATION RESPONDS TO CONSUMER ADVOCATE JANE BRYANT QUINN'S COLUMN

 MADISON, Wis., July 2 /PRNewswire/ -- The following statement is of special interest to publications carrying Consumer Advocate Jane Bryant Quinn's column. It was issued by Ralph S. Swoboda, president of the Credit Union National Association, Inc., in response to her column:
 We appreciate Jane Bryant Quinn's interest in credit unions as it relates to their compliance with the Truth In Savings Act.
 In the past, Ms. Quinn has often written favorably about the excellent rates and services credit unions provide their members. In a recent column, she raises good questions regarding how some credit unions calculate dividends.
 Credit unions have always supported full disclosure of loan and savings rates and will quickly comply with the truth in savings regulation being developed for them by the National Credit Union Administration.
 It's important to keep in mind that the nearly 65 million credit union members in this country have a say in how their credit unions are run. Credit union policy is set by a board of directors elected from and by the credit union membership.
 These boards serve voluntarily and pride themselves in putting members needs first. Credit unions are unique, not-for-profit cooperatives, each board acting in what it feels is the best interests of its members.
 Ms. Quinn's article raises several issues for members and board members alike to consider. Members who are dissatisfied with service or policies at their credit unions can voice their concerns directly to board members and by participating in and voting at their annual meetings.
 Sincerely,
 /s/
 Ralph S. Swoboda, President
 Credit Union National Association, Inc.
 Madison, Wisconsin
 -0- 7/2/93
 /CONTACT: Jack Blake of Credit Union National Association, Inc., 800-356-9655, ext. 4042/


CO: Credit Union National Association, Inc. ST: Wisconsin IN: FIN SU:

BM -- CL006 -- 8091 07/02/93 10:38 EDT
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Publication:PR Newswire
Date:Jul 2, 1993
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