WASHINGTON (8/4/08)—Gigi Hyland used her address this week at the Louisiana CU League (LCUL) annual meeting to tout the National Credit Union Administration’s available resources to enable credit unions to help members better understand that their deposits in federally insured credit unions are safe and sound. The NCUA board member noted credit unions members’ increased interest in federal share insurance, which has been peaked amid the country’s economic upheavals and three recently reported bank closings. The resources include publications such as:
* How Your Accounts Are Federally Insured; * Your Insured Funds; * NCUA Increases Retirement Insurance Coverage (Special Bulletin); and * Media Release - Federal Insurance Protection Strong At Mid-Year.
Also during her speech, Hyland reviewed that the key NCUA examination issue this year will is third party due diligence. She stressed the importance of credit unions understanding the vendors that they enter in to relationships with, and doing the proper research when selecting vendors that are critical to credit union operations. She noted the variety of resources available from NCUA on the topic, including an archived webinar, a document listing frequently asked questions, and the AIRES questionnaire that examiners will use when looking at third party due diligence. The Credit Union National Association (CUNA) is also exploring every avenue to broadcast the safety, soundness and strength of credit unions and to underscore they are backed by federal insurance. Use the resource links below to access NCUA and CUNA information.