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
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
10 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
12 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
12 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
12 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
13 hours ago