WASHINGTON — Credit unions are doing more to educate their employees and members about share insurance, according to data compiled by NAFCU in its monthly Flash Report released today.
The survey found that 45.6% of those responding were conducting seminars on share insurance for their employees and 22.7% are informing members that have exceeded the amount of insured shares.
Credit unions are also stepping up their efforts to inform members about the coverage. According to the survey, 72.5% are doing so by handing out brochures and pamphlets, 59.4% are putting additional displays in their branches and 42% are including information in members' statements.
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The data, based on responses from 10% of the organization's more than 800 members, also indicated that 89.7% of those responding had seen an increase in member inquiries on share insurance and 47% reported an increase in the number of members who have transferred funds from banks.
But despite the sluggish economy, respondents reported increases in loan activity. Credit union loan portfolios were $572.8 billion in July, up from $566.2 billion in June. Year-over-year loan growth in July was 17%, a slight decline over June's 18.5%
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