Do We Need Another Credit Union?

[Towntalk]

My question would be ... who is it that is talking about opening a credit union ... what assets do they have ... who would be managing it ... who would its CEO be ... who would be its board of directors?

Like banks, credit unions are federally regulated. I hope that before anyone would sink their hard earned money in an upstart credit union that they would do their due diligence before they lose their shirts. Given the state of the national economy, this is no time to take unnecessary risks. Credit Unions come and go a whole lot quicker than reputable banks.

"A coalition of community organizations is sponsoring the creation of a credit union to serve the neighborhoods of the Mahoning Valley."
This in itself should send up red flags all over the place.

[jay]

A coalition of community organizations is sponsoring the creation of a credit union to serve the neighborhoods of the Mahoning Valley.  To get started, they need to gather petitions of support for a neighborhood financial institution that will serve the community's needs.

Aren't many existing credit unions open to anyone who lives in the city of Youngstown?