Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
President Bush asked to note NCUSIF
WASHINGTON (9/25/08)—President George W. Bush was asked by the Credit Union National Association (CUNA) Wednesday to instruct those within his administration to included federal credit union share insurance in messages meant to reassure Americans about the safety of their federally insured deposits. “In recent days through a variety of the media, Secretary of the Treasury (Henry) Paulson, Federal Reserve Board Chairman (Ben) Bernanke and you have been quoted as saying that consumers should consider their deposits safe in Federal Deposit Insurance Corporation, FDIC, insured accounts,” CUNA President/CEO Dan Mica wrote in his Sept. 24 letter. “I would respectfully draw your attention to the fact that credit union members’ funds in federally insured credit unions are just as safe as those that are insured by the FDIC,” Mica wrote. Credit union members’ funds at the nation’s 7,972 federally insured credit unions are guaranteed under the National Credit Union Share Insurance Fund (NCUSIF) to the same levels and safety as the FDIC insured accounts. NCUSIF, like the FDIC, is backed by the full faith and credit of the United States. The CUNA missive also highlighted that credit unions are gaining increasing recognition for the fact that they have not contributed to this crisis, having remained faithful to sound loan underwriting and avoiding subprime lending.


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
12 24 ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago