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Recent bank collapses show the importance of where consumers choose to put their money, Dakota Credit Union Association President/CEO Jeff Olson wrote in The Bismarck Tribune this week.
"As the original financial consumer protectors, credit unions by nature do not take on the types of exposure and risk we have seen in the “big bank” industry time and time again," Olson wrote. "Dakota credit unions are not-for-profit financial cooperatives that return their earnings back to their members and their communities with lower fees and higher return rates on savings.
"Owned by our members, we take local deposits and make local decisions on loans, but more importantly, we properly manage risk so that we remain safe and sound in any environment," he added.
He noted that "an overwhelming majority" of all credit unions have a very high percentage of deposits insured, and North Dakota has 90% of deposits federally insured.