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Connecticut league reassures CUs members of safety
MERIDEN, Conn. (10/28/08)--Credit Union League of Connecticut President/CEO Anthony L. Emerson recently addressed members of Personal Care America FCU, Trumbull, Conn., to discuss the effects of the economy and their account insurance. Emerson addressed 24 employees of Unilever Home and Personal Care USA, a subsidiary of Unilever United States Inc., comprising the membership base of the $17.3 million asset credit union. The credit union's CEO, John E. Keet Jr., invited Emerson after members expressed serious concern over the deterioration of economic conditions and their potential effects, said the league. The session was recorded and is posted on the credit union’s website, www.pcafcu.com. Emerson discussed what led up to the present economic situation, what the initial “rescue bill” was defined to accomplish, the overall challenges financial institutions have faced over the past six months, and why banks are distressed while credit unions are not facing the same difficulties. He also discussed the strength and stability of credit unions' account insurance coverage through the National Credit Union Administration's (NCUA) fund, the National Credit Union Share Insurance Fund. He stressed it functions as the federal insurance arm for credit unions, functioning on part with the Federal Deposit Insurance Corp.'s regulation of banks. Emerson also called upon his background in economics to assess where the economy stands and where it is possibly headed. In addition, he discussed the fundamental differences between credit unions and banks, and added that “although credit unions in Connecticut have not been a part of the current crisis, they are ultimately committed to being a part of the solution.” In initiating the program, Keet said it was important to ask “someone familiar with economics to talk with our member base in layman’s terms. Our league president was the logical choice.”
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