LAKE JACKSON, Texas — Texas Dow Employees Credit Union's Safe and Sound campaign may have generated too much buzz.

Last month, in response to numerous member calls questioning if their money is safe, TDECU launched a bold public education campaign to spread the word about the soundness and stability of the credit union industry. The message revolves around the simple concept that their money and investments are safe–if trusted to credit unions.

FDIC General Counsel Sara A. Kelsey has written a letter of 'concern' about the campaign's “misleading statements regarding the banking industry” to both NCUA and the Texas Credit Union Commissioner.

“The webpage begins by saying 'The news is scary,' then talks about the 'crisis' in the financial services industry, and goes on to say that 'The entire banking and mortgage industry is under a dark cloud'. In contrast, the webpage explains that TDECU does not get into the kind of trouble the banking and mortgage industry is in. Therefore, according to the webpage 'deposits with TDECU are safe. And sound.' The clear implication from this statement is that deposits with banks are not safe and sound,” states Kelsey in the letter.

Texas Credit Union Commissioner Harold Feeney seems to agree with certain elements of the FDIC's concerns and has requested that the credit union “delete any references on your Web site or in any future media advertisements that could imply that deposits in banks are not as safe as deposits in credit unions. In addition, please cease activities that may foster public alarm and threaten the stability of the deposit insurance system.”

The site www.tdecusafeandsound.org has been taken down.

Instant Insights /

TDECU Safe and Sound Site Taken Down

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