Credit Unions are Safe & Sound
The collapse of Silicon Valley Bank on March 10 is the second largest failure of a financial institution in U.S. history. The bank was shut down and put under the control of the FDIC following a 48-hour bank run and capital crisis. While this was not a credit union failure, we recognize it may still create consumer concerns – especially in areas where there are Silicon Valley Bank branches.
Please do not hesitate to reach out to MCUL if we can be of assistance to you or your members. We will work to continue to get you the most up-to-date information available.
Member Facing Talking Points
- Credit union deposits in federally insured credit unions are safe and secure.
- These deposits are protected by the National Credit Union Share Insurance Fund and insured up to at least $250,000 per individual depositor – the same as any other federally insured financial institution.
- Credit union members have never lost a penny of insured savings at a federally insured credit union.
- No bank customer of recent bank closures is losing money.
- Credit unions’ balance sheets and member base is diversified and very different from that of SVB, which focused mainly on large venture capital companies.
- Credit unions’ liquidity position is strong and managed well.
- As a credit union member at ________ Credit Union, you are an owner of our not-for-profit financial cooperative.
- Credit unions’ first priority is your financial success, and we focus on financial security.
- _______ Credit Union was chartered _____ years ago, and we are committed to serving our community. You can be assured that your money is safe and sound at our credit union. We have an experienced team to serve you and answer any questions or concerns.
- You can visit MyCreditUnion.gov for more information about the National Credit Union Share Insurance Fund coverage for consumers.