Update Regarding NCUA’s Action to Take Control of Two Corporate Credit Unions
The National Credit Union Administration (NCUA) recently took control (conservatorship) of two wholesale credit unions: U.S. Central Federal Credit Union in Lenexa, KS, and WesCorp Federal Credit Union in San Dimas, CA. We at Tonawanda Community Federal Credit Union want to reassure you that these government actions do not impact you or any of the 90 million credit union members nationwide.
These corporate credit unions are not like our credit union that serves consumers. Instead, they provide products and services to credit unions. While under new leadership, they are continuing to operate normally.
Your own funds here at Tonawanda Community Federal Credit Union are perfectly safe. Your deposits remain as safe and secure as they were before, insured to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), just as the FDIC does for bank accounts. You will still receive the same quality service we have always offered you.
Now, more than ever, you should feel confident in your decision to be a credit union member. While bank failures continue to grow, credit unions are being continuously recognized by the media and legislators as safe, responsible institutions for consumers.
You know firsthand just how different credit unions are, but now the rest of the country is seeing it, too. Because of our ethical, conservative practices, credit unions like ours are able to continue making loans and serving our members. Here at Tonawanda Community Federal Credit Union, we remain committed to you and to our mission of people helping people.
We value your support and will continue to communicate with you promptly and honestly during these challenging times. Please feel free to contact us at the Tonawanda Community Federal Credit Union with any questions or concerns you may have.