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FDIC spokesperson issues special note to CU members
WASHINGTON (9/26/08)--A television personality who is spokesperson for the Federal Deposit Insurance Corp. (FDIC) has written a special note on her website for credit union members, reassuring them that their deposits are backed by the U.S. government. Suze Orman had made public appearances, including an appearance on "The Oprah Winfrey Show" Wednesday, on behalf of FDIC and indicated that consumers whose deposits aren't insured by FDIC should withdraw their funds. She did not mention that the National Credit Union Administration also offers comparable insurance for credit unions through the National Credit Union Share Insurance Fund (NCUSIF). On her website, www.suzeorman, Orman addresses federal insurance for credit unions. "If your savings is at a credit union I want you to listen up right now. Most credit unions are just as safe as an FDIC-insured bank account, but as I explained in an earlier Suze Scoop, the wise move to make in these scary times is to double check that you are absolutely 100% protected." Her entire message can be viewed at the resource link. Thursday the Credit Union National Association (CUNA) issued a nationwide press release to help credit unions reassure their millions of members that savings in credit unions are federally insured, just like deposits in banks are insured by FDIC (News Now Sept. 25). “We felt we had to take this action in order to respond to a number of challenges to the fact that credit unions are federally insured, just like the banks,” said Pat Keefe, CUNA vice president of communications. “With FDIC spokesperson and TV personality Suze Orman extolling bank insurance coverage, President Bush’s omission of credit union insurance, and sagging confidence in the financial system overall, it was clear we had to take action for our members, and consumers,” Keefe said. CUNA has posted a video on both its website and the “America’s Credit Unions” website (at www.creditunion.coop) of CUNA President/CEO Dan Mica explaining federal savings insurance at credit unions. The press release points out that the money of virtually all credit union members is protected by federal insurance similar to that provided to banks by FDIC. It directs consumers to two websites for more information:
* For more about federal savings insurance at credit unions, they can go to the “America’s Credit Unions” website at www.creditunion.coop. * To determine how much of their savings at your credit union is covered by federal insurance, they can visit the NCUA insurance calculator at http://webapps.ncua.gov/ins/
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