WASHINGTON (3/26/09)—A video message that underscores the safety and soundness of the credit union system has been added to the Credit Union National Association’s (CUNA) resource center on corporate credit union issues. CUNA President/CEO Dan Mica appears on the video, which credit unions can link to on the CUNA homepage or post on their own websites, In under 60 seconds, Mica reminds listeners:
* The credit union system is well capitalized at close to 11%--significantly above the federal requirement of 7%; * Credit unions are making mortgage loans, auto loans, member business loans and are serving their communities; and * Federally insured share accounts are covered to $250,000.
Mica explains that the recent news of two conservatorships involves corporate—or “wholesale” credit unions. “They have had some difficulties, but they are not the every-day credit unions you and I use,” Mica assures. To get this video tool and the latest information on the National Credit Union Administration's (NCUA) corporate credit union stabilization efforts, click on "NCUA's corporate actions," written in red and boxed for easy access on CUNA’s home page. CUNA members can access:
* All archived News Now articles on the corporates; * CUNA analysis of the NCUA's actions; * Communications tools, such as talking points to help credit union members understand the issues and the new video; * An updated calculator to estimate cost of the NCUA corporate stabilization plan; and more.
Use the resource links below to see the video and to read the available materials.