Why BC's Credit Unions Aren't Melting Down
In all the uproar this autumn about the global financial crisis, one local group of institutions hasn't been in the news. B.C. credit unions. Are they in any trouble? To find out, I talked to Chris Catliff, CEO of North Shore Credit Union, and Ian Smith of Central 1 Credit Union, as well as Charles Priester, a financial consultant based in Metchosin. In general, what they had to say was reassuring. Smith says credit unions weren't involved in the subprime disaster. Central 1, which acts as a credit union for credit unions, had a small investment with some potential exposure to subprime mortgages, which has been written down. All told, Central 1's total investment was $23 million, compared with its $5 billion in assets.