Understanding the recent announcements made by NCUA is important for every credit union employee to understand and be able to articulate. The message below clearly articulates the recent actions taken by NCUA in a manner that is easily understood and can be shared with your members via your website, newsletter or across the teller counter. The piece can easily be adapted to meet your needs. A special thanks to League Liaison Becky Hart for sharing this piece and to Paul Mercer for allowing it to be added to the Impact Center.
Good Afternoon -
I’m sure you’re seeing and hearing the national press coverage that is the result of NCUA’s Friday actions. While most of the reporting has been balanced and fair, some of the headlines have not been (‘Credit Unions Bailed Out’ is one example of a headline from the Wall Street Journal). Our collective reputation risk is very real; therefore, you need to be prepared to handle any media attention (or member questions) that could play out in your local market.
Here are the “Key Messages” or talking points (click for pdf) that we shared with you Friday. Also, here is a new Q&A which addresses NCUA’s actions (click for pdf) with the corporate and how this is in no way a taxpayer bailout.
Your basic answer to inquiries should be (And please ensure that your front-line staff has these in front of them at all times):
- Deposits are safe, secure, and insured
- It’s business as usual at your credit union; our service to members is not affected by the federal government’s actions regarding corporate credit unions
- Corporate (or “wholesale”) credit unions are different than the retail credit union that you belong to. They are “credit unions for credit unions.”
- The actions taken by the federal government are NOT a taxpayer bailout for credit unions. Not a penny of tax dollars will be used. Credit unions will pay all of the expenses associated with these actions.
- Paul Mercer President and CEO, Ohio Credit Union League