Mica on FOX TV: CU members' funds are safe, insured

WASHINGTON (9/26/08)—Credit Union National Association (CUNA) President/CEO Dan Mica Thursday again assured a national television audience that federally insured deposits in the nation's credit union system are safe and have the full backing of the U.S. government.

Live on Fox Business News, Mica was queried

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about the financial rescue plan wending its way through the Congress. The CUNA leader was introduced as "somebody who actually has been on Capitol Hill all week long speaking with congressional leaders behind the scenes."

Mica was asked whether credit unions are getting "frantic calls" from people worried about the safety of their deposits. The CUNA leader reiterated assurances he has made repeatedly in national news media in recent weeks:

He emphasized that credit unions are federally insured through the National Credit Union Administration (NCUA) just like banks are insured through the Federal Deposit Insurance Corp.

"A lot of people don't know that," Mica warned, and went on to detail how federal credit union insurance coverage matches that offered by the FDIC.

Use the resource link below to hear the entire interview.

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Resource Links
Credit Unions Safe and Sound statement stuffer
Credit Unions Safe and Sound drive-up
Your Insured Funds booklet
CUs in the Media


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