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League Arkansas CUs strong well-regulated fed. insured
LITTLE ROCK, Ark. (5/30/08)--Arkansas credit unions are among the strongest in the country, the Arkansas Credit Union League said yesterday. “The nearly 300,000 consumers who are members of Arkansas credit unions enjoy saving their hard-earned money and borrowing for their needs,” said Reta Kahley, president of the Arkansas league. Arkansas has 68 credit unions, with more than $1.7 billion in assets. The ratio of reserves to average assets, or net worth, is about 16%. It’s “well ahead of even the national credit union net worth ratio of just more than 11%,” Kahley said. Credit unions in Arkansas and nationwide are among the most highly regulated financial institutions, she added. All deposits in state credit unions are insured by the National Credit Union Administration, up to $100,000. “Not one penny of insured savings has ever been lost by a member of a federally insured credit union,” Kahley concluded. Kahley made the comments upon learning that a newspaper in the state erroneously reported that two credit unions had filed for Chapter 13 bankruptcy. The newspaper ran a correction earlier this week. (See “Newspaper’s error prompts problems at two Arkansas CUs”)
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