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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].”
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