For a while, credit unions could do no wrong.
Regulators recently stepped in to bolster credit unions as a result of losses from subprime mortgages. Critics quickly called the move a bailout, putting credit unions in the same camp as mean old-fashioned banks. Credit union supporters, on their heels, argue that it's not a bailout.
Whatever you want to call it (and however you define a bailout), nobody's happy. The impeccable image of credit unions has diminished, and we're back to more finger-pointing. So does it matter to credit union customers?
Most credit union members will not notice any changes. Insured funds are just as safe as before. However, credit unions (like banks) will have to pay more for insurance going forward, so it will be harder for them to offer the best rates.