Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
MnCUN to IStar TribuneI CUs well capitalized
MINNEAPOLIS (8/4/09)--Credit unions are well capitalized, Mark Cummins, Minnesota Credit Union Network president/CEO, said in a response to a recent article in the Minneapolis Star Tribune. The newspaper published an article July 27 that highlighted some of the lending challenges credit unions have recently encountered. The newspaper said some credit unions engaged in risky lending and are losing money. The article did not clarify that those credit unions’ difficulties were anomalies in the industry, as only a handful were involved in risky lending practices, Cummins said. “Minnesota credit unions have a long and proud history of lending conservatively to their members,” Cummins said. “In fact, only 2.5% of the state’s credit unions have capital levels that are below what regulators consider to be adequately capitalized.” As of March 31, the capital ratio for Minnesota credit unions was 9.8%, above the 7% threshold set by the National Credit Union Administration, he added. Money that credit union members have on deposit is insured up to $250,000. “There is no problem that could occur in the credit union industry that cannot be handled by the existing deposit insurance system,” Cummins said.
Other Resources

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
1 Day ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
1 Day ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
1 Day ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
1 Day ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
1 Day ago