Financial Troubles Aren't Affecting Your Credit Union
Credit crunch. Credit crisis. Sub-prime loan debacle. Record home foreclosures. These are just some of the recent news headlines.
The latest news is about the mortgage companies Freddie Mac and Fannie Mae. These two companies don't originate mortgages but they buy mortgages from lenders and insure mortgages and are two of the biggest in the industry.
Should you be worried about your credit union?
No. This credit union, like virtually all credit unions, is not affected by these problems. Here's why:
- Since we're owned by our members, we don't push loans members can't afford. Credit unions lend responsibly by following strict lending practices to make sure that a member receives the proper loan for their situation. We have loan loss reserves well above the regulatory requirement.
- Your savings are insured up to $100,000 by the National Credit Union Administration (NCUA). For some types of account or combination of accounts, coverage may be higher.
Take a look at this data sheet from CUNA.
Any questions? Contact us!
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