SHREWSBURY, N. J. — Private insurance is hot again.
Credit unions in Washington state want it back on the books. The $4 billion Patelco Credit Union recently announced it was converting from private back to federal insurance. NAFCU and CUNA differ on the issue. NAFCU believes private insurance is inadequate to handle major losses and poses a threat to all credit unions. CUNA believes it is an option worth having.
A majority of respondents to Credit Union Times' voting poll on the topic believe it is worth keeping. The results are as follows:
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Should Private Insurance Continue as a Viable Option?
- Yes 54%
- No 38%
- Not Sure 7%
Total Votes: 416
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