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CU System
IUSA TODAYI Hampel discuss deposit shift to CUs
McLEAN, Va. (11/4/08)--USA TODAY quoted Credit Union National Association Chief Economist Bill Hampel in a Monday article and noted that credit union deposits are growing. Consumers are shifting their deposits into credit unions and community banks as turmoil in the financial markets continue, USA TODAY said. It also cited a CUNA survey, which indicated that one-fourth of credit unions experienced above-average growth in deposits during the last six weeks. However, 40% of credit unions surveyed said the deposits were growing at a weaker rate than one year earlier. The slowdown is likely due to confusion over whether credit union accounts are federally insured--but credit union accounts are backed up to $250,000 by the National Credit Union Administration, Hampel told the newspaper. To read the full article, use the link.
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