Maine credit unions remind members they have federal savings insurance

    With all of the economic uncertainty and turmoil in the financial markets weighing heavily on the minds of Maine consumers, Maine credit unions are again reminding the more than 600,000 credit union members in Maine that all credit unions are federally-insured by coverage that is similar to that provided to other financial institutions. Currently, Maine’s credit unions collectively hold more than $3.9 billion in member savings.
    According to the Maine Credit Union League, the federal insurance safety net at credit unions is provided by the National Credit Union Share Insurance Fund (NCUSIF), which is administered by the National Credit Union Administration (NCUA), a U.S. government agency. The NCUSIF is funded by credit unions and no taxpayer money is used for the ongoing regulation and oversight of credit unions. Every Maine credit union has federal deposit insurance and savings are insured to at least $100,000 and is backed by the full faith and credit of the United States government.  
    “We are responding to consumer concerns about the safety and soundness of their savings. As a result, we believe it is important to reiterate to consumers that Maine’s credit unions are safe and sound, and no one with their savings at a federally-insured credit union has ever lost a penny of their savings,” explained John Murphy, president of the Maine Credit Union League.
    The League and Maine’s credit unions are also encouraging credit union members to learn more about federal savings insurance at credit unions by visiting www.mainecul.org, the “America’s Credit Unions” Web site at www.creditunion.coop or the NCUA Web site at www.ncua.gov.
    Formed in 1938, the Maine Credit Union League is the State Trade Association for Maine’s 67-affiliated credit unions providing a variety of services and products to assist Credit Unions in meeting the needs of their membership. Visit www.mainecul.org for more information.