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News Now

Washington
NCUA letter CU performance is what counts
ALEXANDRIA, Va. (10/6/08)—Any credit union involved in advertising that could imply that other financial institutions are not safe for consumers’ deposits should discontinue their activity, said National Credit Union Administration (NCUA) Chairman Michael Fryzel in a new letter to credit unions. The chairman noted that such ad campaigns are “uncharacteristic of credit unions” and he admonished any involved to refrain from such remarks. “In these turbulent times, consumers need to have faith and confidence in the financial system. At NCUA, we have been working with Congress to make certain that I, as the federal insurer, and you, as the financial service provider, have the tools we need to keep credit unions strong and vibrant, and member funds safe and secure,” the chairman wrote in an Oct. 2 letter. “Credit unions do not need to criticize another financial institution regardless of its charter. Your performance is all that matters,” Fryzel said.


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