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CNN, Forbes on Credit Unions

'Grab them while you can' ATLANTA (9/19/08)--"If there's a calm in the economic storm, it may be credit unions, whose investors are sleeping through the night," reported Susan Lisovicz of CNN Thursday during an interview with Neil Weinberg, senior editor of Forbes Magazine.

"We've had mergers and bailouts and a lot of us are nervous. Tell us why we should take a second look or in some instances a first look at credit unions," asked Lisovicz, amid banner headlines that said, "Credit unions weather rough seas."

Weinberg's answer focused on two reasons why "credit unions are a safe harbor":

Credit unions are operated as a "stable and profitable business, taking deposits from you and me through our savings and checking accounts, and lending out money for car loans, which earns a spread that is profitable."

Most credit union accounts are federally insured by the government up to $100,000.

"They tend to be conservatively managed and federally insured, which in this day and age is what you want," advised Weinberg.

He explained that through lobbying in Washington, credit unions have "managed to open the doors of membership quite a bit" and in many cases a person related to someone in an affinity group can join a credit union.

"You want to jump on board," Weinberg advised.

When asked what is it about credit unions that doesn't lead to the same kind of forecast for other commercial institutions, Weinberg said credit unions haven't got into the same trouble as commercial banks that specialized in mortgages and made risky home loans.

"Typically, credit unions have federal charters and federal inspectors, with strict, tougher rules. Because they began as agricultural cooperatives, they are run conservatively. You want to go for those credit unions."

"I got the message," said the Lisovicz. "You want to go for a credit union. Grab them while you can."


NCUA Initiates Share Insurance Call Center, Tool Kit

Media Advisory

FOR IMMEDIATE RELEASE

Experts are available to answer questions about share insurance

Alexandria, Va., September 23, 2008 - The National Credit Union Administration today opens a call center and posts an electronic tool kit to help members and credit unions better understand the insurance protection NCUA provides for member accounts.

"With the well-publicized turmoil in the financial markets, consumers need assurance that the federally insured funds in their credit unions are safe up to the insured limits," said NCUA Chairman Michael E. Fryzel. "NCUA is opening a call center and posting an electronic tool kit to enhance overall consumer understanding of how credit union deposits are insured."

"I call upon credit union volunteers and professionals to employ these resources to the greatest extent possible. You have a unique responsibility to credit union member-owners to be well-versed in the insurance coverage provided by the National Credit Union Share Insurance Fund. Questions from members about NCUA insurance provide an opportunity to increase member understanding of their credit union and the protections afforded by share insurance. I commend credit unions in advance for making full use of NCUA efforts to improve public awareness of this important facet of credit union membership," noted Chairman Fryzel. The NCUA Insurance Call Center, operating from 8 a.m. to 6:30 p.m. (EDT) Monday through Friday, has insurance experts available to answer questions about the coverage provided by NCUA share insurance. The toll-free Insurance Call Center number is 1-800-755-1030, extension 1. The NCUA electronic tool kit, online at http://www.ncua.gov/ShareInsurance/Index.htm, contains a variety of useful information on share insurance coverage to use and disseminate, including: NCUA Share Insurance 101 Webinar is scheduled October 7, 2008; Insurance estimator enables calculating an estimate of share insurance coverage; Your Insured Funds brochure details insurance coverage, with many examples; How Your Accounts Are Federally Insured brochure provides basic insurance information; Special Bulletin explains increased retirement account coverage in addition to basic insurance protection; Letter to Credit Unions 08-CU-18, Educating Members on Share Insurance Coverage.

"I encourage credit unions and their members to utilize the Call Center and the electronic tool kit to the fullest extent possible," Chairman Fryzel said.

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. -NCUA-



CNN, Forbes on Credit Unions

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Your savings federally insured to at least $100,000 and backed by the full faith and credit of the United States Government - National Credit Union Administration, A U.S. Government Agency
Your savings federally insured to at least $100,000 and backed by the full faith and credit of the United States Government - National Credit Union Administration, A U.S. Government Agency 		We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. 		America's Credit Unions