Safety and soundness have always been of paramount importance at UNFCU and remain even more so today. As a member-owned financial institution, we take the utmost care in safeguarding the assets of our members. We practice prudent and responsible lending and investment strategies to benefit our membership globally.
UNFCU has not experienced any material adverse impact to its overall financial condition during these turbulent times. Well-capitalized and secure, UNFCU continues to meet members’ borrowing needs without compromising asset quality. In addition to the measures UNFCU takes on a routine basis to safeguard its assets, we are regularly examined by the National Credit Union Administration (NCUA), a U.S. governmental agency. All member shares are now insured by the National Credit Union Share Insurance Fund (NCUSIF) up to 250,000 USD for all accounts until 31 December 2009.
Recent Developments:
17 September 2008
UNFCU did not experience any financial impact whatsoever related to the failure of investment bank Lehman Brothers, the sale of Merrill Lynch & Co., or the U.S. government bailout of AIG.
26 September 2008
Washington Mutual, Inc., a bank holding company, was seized by the Federal Deposit Insurance Corporation (FDIC). UNFCU holds an investment position in Washington Mutual. As a result, UNFCU will experience a loss, representing less than 1% of its total investment portfolio. The loss will not have any material adverse impact on the overall financial strength of the Credit Union and UNFCU remains extremely well-capitalized.
3 October 2008
Emergency Economic Stabilization Act passed by the U.S. Congress and signed by President George W. Bush. As a result, the National Credit Union Administration (NCUA) has immediately increased share insurance protection from $100,000 to $250,000 on all accounts until 31 December 2009.
We will remain vigilant and continue to carefully monitor the emerging developments in this volatile time to ensure continued safety and soundness in order to serve our members globally. Please visit our website for periodic updates.
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