Berger on the CU difference: Safe, secure, reliable
In a new op-ed in CU Insight, NAFCU President and CEO Dan Berger highlighted distinguishing differences of credit unions and banks, touting how the credit union industry remains safe, secure, and reliable by placing their members and communities over profits.
“For years, Americans have dealt with the consequences of risky bank behavior. The contrast in decision making was even clearer after the recent bank failures,” wrote Berger. “Banks are comfortable to choose the risky path, chasing yields and losing consumers’ money, while credit unions are safe, secure, and reliable. Only about 50 percent of bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC) compared to roughly 90 percent of credit union deposits backed by the National Credit Union Administration (NCUA). No one has ever lost a penny of insured share deposits in the credit union system.
“…The not-for-profit cooperative model of credit unions allows them to offer lower interest rates to consumers, provide necessary financial services to Americans who have been abandoned by banks, access affordable capital and credit when they need it, and have peace of mind that their money is being handled with the care it deserves,” added Berger. “Safe, secure, and reliable: that’s the credit union difference.”
Of note, NAFCU recently briefed legislative staff members on the credit union difference, including basics on structure, share insurance, regulatory oversight, industry priorities, and how credit unions are committed to serving their 135 million members.
Read the full op-ed.
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