Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Newspaper article CUs avoid risky investments
DAYTONA BEACH, Fla. (10/15/08)--Because credit unions are focused on the needs of members, they stay away from the risky investments that have plagued many other financial institutions during the current economic crisis, according to a Tuesday article in the Daytona Beach News-Journal. “The purpose of a credit union is not to make profits to provide services to its members, so there’s no incentive to be involved with risky lending,” Patrick Keefe, spokesman for the Credit Union National Association, told the newspaper. “Credit unions don’t have any skin in the game.” More than 90 million credit union members nationwide are federally insured [through the National Credit Union Share Insurance Fund (NCUSIF)] at the same rate--up to $250,000--as the Federal Deposit Insurance Corporation insure bank deposits, Keefe added. Despite the current economic turmoil nationwide, credit unions may be some of the safest U.S. financial institutions, the Florida Credit Union League told the paper. “Where some financial institutions are reeling from the economy, credit unions are not,” Guy M. Hood, league president, said in league-issued statement. “There has been some hype about money in credit unions being unsafe, when in fact, it is just as safe being insured with the [NCUSIF].”
Other Resources

RSS print
News Now LiveWire
#Iowa Housing Authority honors #creditunion's mortgage commitment #NewsNow http://t.co/97me6ziPFa
12 hours ago
Adams to Zimmerman: Don't let your name define your financial decisions via @ndn http://t.co/kPVgQaDFNo
15 hours ago
Calif. ride-sharing law protects #creditunion collateral #NewsNow #System http://t.co/kXAAmbQgKO
16 hours ago
New offices mean moving sale at @TheKCUA https://t.co/xaof5SJkmE
17 hours ago
Existing-home sales slump in August as cash purchases decline @REALTORS
18 hours ago