Credit Union Journal Daily Briefing | Wednesday, October 6, 2010
ALEXANDRIA, Va. – NCUA Chairman Debbie Matz on Tuesday began a nationwide radio campaign to alert consumers of the full faith and credit of the federal government insuring their credit union deposits, part of a comprehensive effort by NCUA to tamp down worries about the nation’s credit unions.
Matz’s radio spots, part of the agency’s "Keep your money NCUA-safe" campaign, coincides with the launch of NCUA TV commercials, featuring nationally known consumer financial expert Suze Orman, and comes as the credit union system is being besieged by negative publicity related to the growing costs of the corporate credit union bailout.
The unprecedented NCUA public relations initiative comes amid headlines across the nation proclaiming credit union bailouts and intensified concerns among credit union members of the growing costs of the corporate bailout and of efforts to replenish losses by the National CU Share Insurance Fund.
NCUA and the credit union system hope the growing crisis does not cause a panic among credit union members and the general public. CUNA reported this week that $5.6 billion in deposits flowed out of credit unions in August after $3.7 billion in deposits flowed out in July – a total of $9.3 billion over two months.