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Maine Credit Unions Remain Safe, Strong And Secure
Date: March 23rd, 2009 - Author: Maine Credit Union League
MEDIA RELEASE
For Immediate Release
March 21, 2009
(Westbrook, ME) - In the wake of last evening's announcement by the National Credit Union Administration (NCUA) that it had taken the nation's two, largest corporate credit unions (US Central in Kansas and Wescorp in California), known as wholesale credit unions, into conservatorship, the Maine Credit Union League stressed that these credit unions do not serve consumers and the action taken by the federal agency has no direct impact on the ability of Maine credit unions to continue serving their members.
John Murphy, President of the Maine Credit Union League, explained, "The credit union system overall is healthy and sound. It is important for consumers to understand that corporate credit unions are different from their own credit union, and that this action does not involve any of Maine's 66 member-owned credit unions, which are known as natural person credit unions. There are more than 8,300 natural person credit unions in the country, and only 28 wholesale (corporate) credit unions. Corporate credit unions provide liquidity and settlement services for regular credit unions but have no interaction with consumers. The state's credit unions remain well capitalized, safe, sound and secure and continue to offer the state's 600,000 credit union members a safe place for their members’ savings, and provide scores of additional services to their members at no or low-cost."
The League noted that deposits at all Maine credit unions are federally insured to $250,000, the same as at FDIC-protected banks and with the same federal guarantee. The insurance fund protecting consumer savings (the National Credit Union Share Insurance Fund) is backed by the full faith and credit of the United States. Murphy added, "No one has ever lost a penny of federally insured deposits in a credit union.”
ABOUT THE MAINE CREDIT UNION LEAGUE
Formed in 1938, the Maine Credit Union League is the State Trade Association for Maine’s 66-member credit unions providing a variety of services and products to assist credit unions in meeting the needs of their membership. Visit www.mainecul.org for more information.
For More Information
Contact: Jon Paradise
(207) 773-5671, ext. 273
Cell: (207) 653-2309
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