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CU System
IUSA TODAYI tells how to check safety of CUs
NEW YORK (9/2/08)--The nationwide newspaper USA TODAY highlighted credit unions' safety and soundness in an article, "How to check the safety of your credit union," Friday in its Money section. Financial reporter Matt Kranz answered a question, "How do I know that the money I have in my credit union is safe?" by noting that credit unions are different from banks and brokers. He pointed out credit unions' not-for-profit cooperative nature, their membership's common bond, and their federal regulator, the National Credit Union Administration (NCUA). Members can check up on their credit union's performance by going to the NCUA's website at www.ncua.gov, he said, adding that a credit union's 5300 report will tell them how well-capitalized the credit union is and whether any loans are bad. He also noted credit unions' assets are backed by the National Credit Union Share Insurance Fund, "which is backed by the U.S. government." The Credit Union National Association also provided input for the article.
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