FOR IMMEDIATE RELEASE
March 13, 2023
Washington, D.C.

Credit union leaders are proactively addressing questions and concerns raised by consumers and lawmakers following the collapse of Silicon Valley Bank last week. As the National Credit Union Administration (NCUA) provided assurances on the well-capitalized credit union system, Credit Union National Association (CUNA) President/CEO Jim Nussle weighed in on the organization’s multi-pronged efforts: 

“CUNA is engaging with policymakers in Washington, D.C., and coordinating with our League partners to ensure credit unions have the resources they need, to address any questions raised by this developing situation,” said CUNA President/CEO Jim Nussle. “The credit union difference means that credit unions act with the best interests of member-owners at heart, and credit unions will continue to meet member needs.” 

While the Silicon Valley Bank collapse and related shut down of Signature Bank has no connection to credit unions, CUNA, state Leagues and credit unions have worked to emphasize the safety and soundness of credit unions with consumers, as well as the credit union difference.  

CUNA provided key points on the credit union difference and insurance coverage:

• As not-for-profit financial cooperatives, credit unions’ first priority is members’ financial success and security. 
• Federally insured credit unions offer a safe place for credit union members to save money, deposits are protected by the National Credit Union Share Insurance Fund and insured up to at least $250,000 per individual depositor – the same as any other federally insured financial institution.
• Credit union members have never lost a penny of insured savings at a federally insured credit union.
• MyCreditUnion.gov contains more information about the National Credit Union Share Insurance Fund coverage for consumers.
  
  

CUNA also supports S. 544, The Central Liquidity Facility Act, sponsored by Senators Alex Padilla (D-CA) and Kevin Cramer (R-ND), that would extend agent membership access to NCUA’s Central Liquidity Facility for three years, providing additional flexibility during financial challenges. Additional information on NCUA’s Central Liquidity Facility can be found here. 

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About CUNA:
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 130 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.