League and credit union leaders engaged with members and consumers in the wake of recent bank collapses, assuring them that money in credit unions remain safe.
Cornerstone League President/CEO and CUNA Board Vice Chair Caroline Willard told CUInsight that “the credit union system is well-capitalized and members’ funds are protected, and told CUToday the failures are related to bank mismanagement.
Credit Union League of Connecticut President/CEO Bruce Adams spoke to Eyewitness News 3, Fox 61, and CT Insider that credit unions are “very safe and very sound.”
Iowa Credit Union League Vice President Jaimie Miller told We Are Iowa, “Iowa credit union deposits are insured by the federal government up to $250,000. So you can rest assured that your assets at your credit union are safe and secure,”
Cooperative Credit Union Association President/CEO Ron McLean—in a statement to CUInsight—said, “credit unions operate on an entirely different business model. While Silicon Valley Bank focused its business entirely on the technology sector, credit unions focus on the communities and members they serve.”