As American financial services consumers and businesses grapple with the recent Silicon Valley Bank and Signature Bank failures, credit union leaders across the Cornerstone region have leveraged their communication channels to reassure members that their funds are safe with a credit union.
TDECU, Houston’s largest credit union with more than $4.7 billion in assets, sent a memo to its 382,000 members assuring them their money is secure. In the letter, CEO Isaac Johnson explained what makes TDECU different.
“The regional banks that experienced a crisis had a unique concentrated customer base and balance sheet that relied heavily on large commercial deposits and a higher-risk investment strategy,” Johnson wrote. “In contrast, TDECU has a diverse, healthy balance sheet that focuses primarily on consumer deposits and a lower-risk investment strategy.”
Duncan, Oklahoma-based Endurance Federal Credit Union posted a message on its social media channels assuring members that the credit union is “well-capitalized and well-positioned to continue to serve our members and communities for generations to come.”
Multipli Credit Union and United Consumers Credit Union, both based in Missouri, took to social media to assure members that their deposits are insured up to $250,000.
Ardmore, Oklahoma-based Communication Federal Credit Union's CEO Larry Shropshire posted a personal message to members, stating that the credit union takes its depositors’ security seriously.
“We have a strong capital position, in excess of 12%,” Shropshire stated. “Our federal regulators, the National Credit Union Administration, consider a credit union well-capitalized with a capital ratio over 7%.”
Skyward Credit Union in Wichita, also pointed to its capital position in expressing its commitment to maintaining financial stability. According to its social media page, “Our members can rest assured Skyward is financially sound and considered well-capitalized at over 14%.”
In Arkansas, Red River Credit Union shared the following message on social media: “RRCU is regulated by the National Credit Union Administration (NCUA), an independent agency of the U.S. government, that automatically insures accountholders’ savings/share accounts up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF) since 1970.”
How is your credit union reaching out to members?
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