Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ARLINGTON, Va.-Recognizing all the talk in the credit union community about private deposit insurance coverage and consumer awareness, one credit union CEO took matters into his own hands. A NAFCU member credit union CEO polled members in a teller line at the credit union about who insured their deposits and found that most thought it was the Federal Deposit Insurance Corporation, according to NAFCU President and CEO Fred Becker who relayed the story. Becker said an unnamed member credit union took an informal survey and discovered that about 65% of the members that came through the teller lines that day thought the FDIC insured their accounts. Only 22% responded with the National Credit Union Share Insurance Fund. The Internal Revenue Service garnered the remaining 13% of the members polled, Becker added. One of NAFCU’s key arguments against private insurance has been that members are not aware of the difference between an institution being privately insured or federally insured or whether a member knows which their credit union is. NAFCU contends that a systemic failure in the private insurance system, which does not have federal government backing, could lead to a loss of faith in all credit unions.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.