For Details, Contact NCUA Public & Congressional Affairs |
National Credit Union
Administration 1775 Duke Street Alexandria, VA 22314-3428 Fax: 703.518.6409 |
FOR IMMEDIATE RELEASE |
NCUA Initiatives Respond to Member Insurance QuestionsAlexandria, Va., September 30, 2008 – The National Credit Union Administration (NCUA) is undertaking a three-pronged approach this week to ensure that members of federal and most state-chartered credit unions are aware their accounts are insured by NCUA and backed by the full faith and credit of the U.S. Government. “Understandably, consumer confidence in our financial structures has been shaken by recent turmoil in the markets,” said NCUA Chairman Michael E. Fryzel. “Federally insured credit unions remain a safe and sound alternative, and I will do everything in my power as Chairman of the National Credit Union Administration to make certain that accurate and useful information about the National Credit Union Share Insurance Fund is available.” Three initiatives that will commence this week include:
“There is too much at stake to allow misleading, incomplete or wrong information about NCUSIF insurance remain uncorrected, and I am making these tools available as a starting point to a larger effort to help consumers through these difficult and uncertain times. Working together, NCUA and the industry can provide an important public service, and I call upon credit union volunteers and professionals to do their part to help members understand how their credit union funds are federally insured.” The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 89 million accounts in all federal credit unions and the overwhelming majority of state-chartered credit unions.
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