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CU insurance featured on IMSN MoneyI
NEW YORK (10/1/08)--"Are credit unions insured the same way?" That's one of the 10 issues discussed in MSN MoneyCentral in a column, "Bank crisis: 10 things to know now," written Monday by Liz Pulliam Weston. In a column sparked by the turmoil of the past two weeks in the nation's economy, Pulliam Weston explains that credit unions have insurance similar to that of the Federal Deposit Insurance Corp. (FDIC). "All federally chartered and most state chartered credit unions are insured by the National Credit Union Share Insurance Fund, which is a federal fund that is backed--like the FDIC--by the full faith and credit of the U.S. government," Pulliam Weston wrote. She noted it is an arm of the National Credit Union Administration (NCUA), a federal agency, and pointed readers to NCUA's website to see whether their credit union is covered. Pulliam Weston wrote that her "e-mail inbox and the MSN Money message boards have been flooded with readers' questions about the financial crisis" (MSN Money Sept. 30). For the full article, use the link.
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