Credit Unions Bailed Out - what about us?
On Saturday, September 25, 2010 the Wall Street Journal published an article titled, "Credit Unions Bailed Out." The article starts, " T wo years after the peak of the financial crisis, the federal government swooped in to stabilize a crucial part of the credit-union sector battered by losses on subprime mortgages. Regulators announced Friday a rescue and revamping of the nation's wholesale credit union system, underpinned by a federal guarantee valued at $30 billion or more. Wholesale credit unions don't deal with the general public but provide essential back-office services to thousand of other credit unions across the U.S. The majority of retail credit unions are sound, but they will have to shoulder the losses through special assessments over the next decade." Click here to read the entire article. So what does this mean to you as credit union members? Eaton Family Credit Union is safe and secure. In our most recent audit exam, "it was determi