Credit unions assure members they're weathering financial crisis
In light of recent financial events, CUNA and the Credit Union Association of New Mexico are working to get out the word to credit unions and their members about the safety and security of credit unions and what they’re doing to weather this financial crisis. Below are some features from CUNA that will help your credit union understand what’s being done and assure your members their accounts are safe.
More details, videos and information can be found on the CUNA Web site.
• Special message from Dan Mica
Addressing the financial turmoil
It is a very busy and hectic time in Washington this week, what with the financial turmoil, the continuing wrangling over the legislative package to provide relief for the nation’s financial system, and our own struggle to make sure EVERYBODY understands credit unions have federal insurance for consumers savings too. Mica has recorded a special message to credit unions addressing concerns over what is happening to the nation’s financial system, and the ultimate impact on credit unions.
• Dan Mica has recorded a video for credit union members explaining federal savings insurance for credit unions, saying credit unions are “probably the safest depository institutions in the country right now.” The video can be embedded onto your credit union Web site from the CUNA page. Left click on the far right box and follow the directions to embed the video.
• CUs have federal savings insurance
WASHINGTON (9/25/08, UPDATED 11:30 ET)--Following President George W. Bush’s Wednesday night speech on an economic rescue plan, the Credit Union National Association (CUNA) in a national press statement today reminded consumers the money of virtually all credit union members is protected by federal insurance at their credit unions--insurance coverage that is similar to that provided to banks by the Federal Deposit Insurance Corp. (FDIC). Read more.
• Credit unions in the news during market crisis
CUNA features a list of various news stories regarding credit unions — and their stability and security — during the current market crisis. See the full list.
• Paulson says CUs included in federal rescue proposal
WASHINGTON (9/25/08)--U.S. Treasury Secretary Henry Paulson, Jr. in testimony before the House Financial Services Committee yesterday said credit unions would be included in any federal plan to rescue the financial services sector. Read more.
• President Bush asked to note NCUSIF
WASHINGTON (9/25/08)—President George W. Bush was asked by the Credit Union National Association (CUNA) Wednesday to instruct those within his administration to included federal credit union share insurance in messages meant to reassure Americans about the safety of their federally insured deposits. Read more.
• Brochure available from NCUA
The National Credit Union Administration, commonly referred to as NCUA, is the federal government agency that charters and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the U.S. government, NCUSIF insures the accounts of millions of account holders in all federal credit unions and the majority of state-chartered credit unions. This brochure explains how.