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CU System
Wash. leagues phone call nets item on CU insurance
FEDERAL WAY, Wash. (9/30/08)--The Washington Credit Union League’s decision to call a local newspaper Friday resulted in the paper publishing an article about the National Credit Union Share Insurance Fund (NCUSIF). David Bennett, league director of public relations, told the paper he had not seen any reporting about the National Credit Union Administration (NCUA), which administers the NCUSIF (The News Tribune Sept.27). The paper wrote a brief article that said NCUA insures the accounts of credit union members, similar to that of the Federal Deposit Insurance Corp’s insurance for banks. “Historically, bad times for banks are good times for credit unions,” Bennett told the paper. Bennett specifically mentioned Boeing Employees FCU, an $8.474 billion asset, Tukwila-based credit union, and the $234.4 million asset, Tacoma-based TAPCO CU, as having seen significant numbers of new members. TAPCO has run out of switch kits, Bennett added. Switch kits allow consumers to switch from one financial institution to another. Bennett told the paper that statewide between December and June, 62,789 new member accounts were opened. During the previous six months, credit unions opened 25,531 new accounts. “That’s an increase of 39,258,” he said.
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