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Safety via NCUSIF highlighted in Dallas newspaper
DALLAS (8/12/08)--After recent bank failures hit the news, queries to a Dallas newspaper provided an opportunity for readers to learn more about credit unions' National Credit Union Share Insurance Fund (NCUSIF). Columnist Pamela Yip writes in Monday's issue of The Dallas Morning News that she received queries from readers about the insurance that covers credit unions. She reassures that the deposit insurance at credit unions is similar to the Federal Deposit Insurance Corp. and is backed by the U.S. government, and explains the individual account and joint account insurance limits as well as limits on retirement accounts. The article quotes former National Credit Union Administration Chairman JoAnn Johnson saying that NCUSIF is strong and "enters the second half of 2008 secure and well-capitalized." Dick Ensweiler, CEO of the Texas Credit Union League, notes credit unions "simply haven't experienced the problems to the degree some of our for-profit counterparts have. Our loan portfolios are performing quite well, despite current economic conditions." Also interviewed is Jim Brisendine, CEO of Resource One CU, a $255 million asset Dallas-based credit union, who noted that although the banking industry has a credit crunch, there's "nothing to worry about" at his credit union. And Charles R. Idol of ALM Consulting & Research, Edgewood, N.M., says Texas credit unions are well-capitalized. The article mentions banks raising the tax-credit-unions rhetoric but concludes credit unions offer many benefits in rates and that consumers have many options to decide where to put their money. To read the entire article, use the link.
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