ARLINGTON, Va. — NAFCU has surveyed its members and, not surprisingly, found that they strongly oppose private share insurance.
In its August Flash Report NAFCU surveyed its members about private share insurance and reported that only 16% of them provide excess share insurance over and above the amount provided by National Credit Union Share Insurance Fund. The members also reported that only 5% of their share dollars were covered by this insurance coming from only 1% of accounts.
None of the credit unions surveyed reported that they would choose private share insurance, even if they were allowed to do so. Furthermore, 83% of the members surveyed reported agreeing with a statement NAFCU attributed to former Federal Reserve Chairman Alan Greenspan that "that there is no private insurer substitute for deposit insurance from the government."
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