Financial crisis leaves credit unions unscathed (click title to entry, thank you)
By David Schepp
The Journal News
October 4, 2008
The turmoil that has ripped through the U.S. financial system has seemingly touched every sector, from investment banks to savings and loans to mortgage companies.
Credit unions, however, have remained unscathed, even as concern about the fallout has pushed the National Credit Union Administration, which administers the National Credit Union Share Insurance Fund, to assure credit union customers that their money is safe.
Last week the NCUA, which is to credit unions what the Federal Deposit Insurance Corp. is to banks, opened a call center to respond to an increase in calls by credit union members about the safety of their funds.
"We experienced a high influx of calls related to share insurance, more than what could be handled by the normal call center," said spokeswoman Katie McDonald. "Obviously, there's a need for answers."...
Credit unions, however, have remained unscathed, even as concern about the fallout has pushed the National Credit Union Administration, which administers the National Credit Union Share Insurance Fund, to assure credit union customers that their money is safe.
Last week the NCUA, which is to credit unions what the Federal Deposit Insurance Corp. is to banks, opened a call center to respond to an increase in calls by credit union members about the safety of their funds.
"We experienced a high influx of calls related to share insurance, more than what could be handled by the normal call center," said spokeswoman Katie McDonald. "Obviously, there's a need for answers."...
Stabilization Act, H.R. 1424
Last update: 5:07 p.m. EDT Oct. 3, 2008
WASHINGTON, Oct 03, 2008 (BUSINESS WIRE) -- National Association of Federal Credit Unions (NAFCU) President Fred Becker lauded the inclusion of full parity for credit unions with other federally insured financial institutions in the Emergency Economic Stabilization Act that President Bush signed this afternoon.
"We cannot emphasize enough that credit unions are sound and that they did not cause the economic troubles that this package addresses," Becker said. "It is also important, however, that credit unions are not disadvantaged under this measure, and we thank the leaders in both the House and Senate and in the administration for recognizing and addressing that concern."
Becker added NAFCU's lobbyists and the National Credit Union Administration (NCUA), the independent federal agency that oversees credit unions, worked diligently with lawmakers to safeguard the interests of nearly 90 million credit union members....
Last update: 5:07 p.m. EDT Oct. 3, 2008
WASHINGTON, Oct 03, 2008 (BUSINESS WIRE) -- National Association of Federal Credit Unions (NAFCU) President Fred Becker lauded the inclusion of full parity for credit unions with other federally insured financial institutions in the Emergency Economic Stabilization Act that President Bush signed this afternoon.
"We cannot emphasize enough that credit unions are sound and that they did not cause the economic troubles that this package addresses," Becker said. "It is also important, however, that credit unions are not disadvantaged under this measure, and we thank the leaders in both the House and Senate and in the administration for recognizing and addressing that concern."
Becker added NAFCU's lobbyists and the National Credit Union Administration (NCUA), the independent federal agency that oversees credit unions, worked diligently with lawmakers to safeguard the interests of nearly 90 million credit union members....
