Mica to Congress: ‘CUs are safest deposit institutions’

WASHINGTON (7/21/08)--Credit Union National Association (CUNA) President/CEO Dan Mica on Friday reassured Congress that America's credit unions "remain healthy, vibrant, and well capitalized."

Mica told each member of the House and Senate in a letter that the failure of IndyMac--not surprisingly--has led the media and the public to question the safety of their money in depository institutions.

"I am proud to report that America's credit unions remain the safest of all depository institutions," said the CUNA leader. "Credit unions have weathered every financial storm since the Great Depression without ever costing the American taxpayer a dime in any bailout."

Mica's letter with an attached CUNA fact sheet also were sent to the lawmakers' legislative directors in Washington, as was well as their district directors back home.

The credit union leader reiterated that deposits in all federally chartered credit unions and virtually all state chartered credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF).

"Credit unions remain the most tightly regulated and well-capitalized of all depository institutions and provide the same level of deposit insurance as their bank and thrift counterparts," underscored Mica to the lawmakers.

Use the link below to access CUNA's fact sheet: "America's credit unions: Secure, strong."

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