A Statement on Credit Unions in Texas from Dick Ensweiler, President and CEO, Texas Credit Union League.

(Dallas September 25, 2008) Last night, President George W. Bush, in describing the economic crisis in America, brought up the issue of government deposit insurance. It's important for credit union members and the public to know why they can count on the safety and soundness of their credit union. 

Credit Unions, which function as not for profit, non market based financial cooperatives, have remained well capitalized nationwide and are in particularly good condition in Texas, even amidst the current economic crisis. Credit unions are owned by the members and are not publicly traded on Wall Street. As such, they remain largely insulated from severe market swings. In addition, members deposits are safe and sound, secured by a federal deposit insurance fund established for credit unions specifically and that fund remains healthy. Deposits are insured up to $100,000, and up to $250,000 for retirement accounts.

For more about federal savings insurance at credit unions, see the "America's Credit Unions" website at www.creditunion.coop.

To determine how much of your savings at your credit union is covered by federal insurance, visit the NCUA insurance calculator at http://webapps.ncua.gov/ins/