ALEXANDRIA, Va. (12/5/08)--The National Credit Union Administration (NCUA) continues its efforts to promote awareness of the safety of federally insured credit union deposits through a nationwide advertising campaign. Over the last two months, the agency has taken a number of steps to provide the public with necessary information regarding share insurance. The NCUA has:
* Provided nearly 9,000 radio stations across America with 90-second and 30-second public service announcements regarding National CU Share Insurance Fund insurance; * Supplied each federally insured credit union with an “Uncle Sam” federal insurance poster. The poster, intended for display in credit union lobbies, informs members of the recent temporary change in coverage to $250,000 and emphasizes the safety of insured funds: * Run a newspaper ad featuring the same “Uncle Sam” motif in 23 major newspapers nationwide between Oct. 1 and Nov. 17; * Aired 10-second radio ads in six major-market radio stations throughout the month of November describing the changes and share insurance coverage and the security of member funds in a federally insured credit union; and * Continued to update its Share Insurance Toolkit available through the NCUA’s website.
Also board member Gigi Hyland hosted “Share Insurance 101,” an interactive webinar describing share insurance and its changes. NCUA Chairman Michael Fryzel noted of his agency’s efforts, “At times of economic difficulty and uncertainty surrounding the financial services system, it is more important than ever for the NCUA and other federal agencies to step forward and remind consumers of the strength and safety of federal deposit insurance. “While the crisis that intensified during the summer has been unsettling, it has also served as an opportunity for NCUA to increase our educational efforts. I am gratified that, based on feedback from credit union members and leaders, the advertising campaign has succeeded in enhancing public awareness.”