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Mica promotes CU soundness message
WASHINGTON (9/24/08)—Credit Union National Association (CUNA) President/CEO Dan Mica Wednesday posted a video reminder that not only are consumers’ federally insured share deposits in credit unions safe, credit unions are “probably the safest depository institutions in the country right now.” The Mica video contested misinformation being circulated in the news media about deposit safety and dispelled any notion that credit unions are second to any other depository institution as a safe haven for consumers’ insured funds. The message is featured on the homepage of the CUNA website, as well as the consumer website, creditunion.coop. “Credit unions, virtually all credit unions, are insured by the National Credit Union Administration, a federal agency with similar insurance to all the banks all over the country,” Mica assured listeners. Moreover, Mica noted, “Credit unions have history of not having the kind of problems banks and other institutions have. “During the Depression, we didn’t need a bailout. The last 100 years, we didn’t need a bailout. Our capital is strong. Our credit unions are strong. And they are insured.” The American credit union movement celebrates its 75th anniversary this year. Mica concluded the video clip: “Take a look at a credit union. I think they are probably the safest depository institution to put your money in.” (See related story: NCUA call center launched for insurance queries) In related events, CUNA has been working amid fast-breaking developments to assure credit unions are assured equal access to a proposed Treasury Department economic rescue package, if approved. Now that equality appears assured, CUNA is closely monitoring associated accounting and bankruptcy issues that could develop under the rescue plan.
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