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CU System
CUs still fielding deposit insurance queries
MADISON, Wis. (8/4/08)--More credit unions say they are fielding inquiries from their members and the media about whether their deposits are covered by share insurance. The uptick in interest stems from several notable bank failures and the woes generated by the subprime lending market. In Loveland, Colo., two credit unions were interviewed about the safety of their members' deposits by the Loveland Reporter-Herald (July 31). Bill Becker, CEO of Sunrise CU, a $3.9 million asset credit union based in Loveland, told the newspaper that bank failures are rare and credit union failures even rarer, because of their cooperative, nonprofit structure. Sondra Koberstein, president of Longs Peak CU, urged the $26 million asset credit union's members to speak to her when they want information about the credit union. The article noted that credit unions are insured by the National Credit Union Administration (NCUA) and that NCUA has information available online about the stability of credit unions. The Delaware Credit Union League reported the state's credit unions are responding to members' concerns (Together July 31). Dover, DPL, Provident and Sussex County FCUs issued talking points for front-line staff highlighting credit unions' financial strength. EWOD FCU plans to send a brochure on the insurance fund to all members. New Castle County School Employees FCU reported a "good number" of calls from members wanting to know whether their money was insured and for how much. In all cases, the credit unions assured members they were well-capitalized and had no relationships with the subprime market. In Winston-Salem, N.C., Truliant FCU is offering seminars to educate members about how their money is insured (Weekly Update July 31). Beginning Tuesday, the $ million asset credit union, will host eight seminars during the next two weeks to educate members about share insurance.
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