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Dear Member,
You may have heard the recent news that two big credit unions were taken over by the government on Friday March 20th, 2009. Below are some points we want you to know:
The National Credit Union Administration (NCUA) Board placed both Western Corporate Federal Credit Union (WesCorp), San Dimas, CA, and U.S. Central Corporate Credit Union, Lenexa, Kansas, under Federal Conservatorship. This means that NCUA will be running the day-to-day operation of both organizations.
What is the difference between a Corporate Credit Union and a Natural Person Credit Union, like Fiscal? Corporate credit unions serve other credit unions, and natural person credit unions serve individual consumers. WesCorp provides liquidity, investment and payment services, such as check processing to Fiscal Credit Union and approximately 1,100 other credit unions. This recent action by the NCUA has no impact on your deposits or any other account you have at Fiscal.
Are Fiscal Credit Union deposits at WesCorp safe? Yes. Fiscal Credit Union has less than 5% of its assets in WesCorp and 100% of those deposits are guaranteed by the NCUA, an agency of the federal government, with the full faith and credit of the U.S. Treasury.
Is Fiscal Credit Union safe? Yes.
- Fiscal was established in 1935 and continues to be a strong, viable Credit Union through good times and bad
- Fiscal is financially strong with a capital-to-asset ratio of 10% which is considerably higher than the 7% industry standard for being well capitalized
- Fiscal does not make sub-prime real estate loans and maintains conservative investment practices
- 100% of all Fiscal Credit Union investments are backed by Government Agencies
- Fiscal offers the highest level of deposit insurance available in the nation
Are my deposits at Fiscal Credit Union safe? Yes.
As a member of Fiscal Credit Union, we are pleased to provide you with the unparalleled advantage of having each of your accounts insured up to $500,000. This coverage is available regardless of the number of accounts you have with us, and is a dollar-for-dollar insurance.
We are able to provide you with this unique coverage because of our affiliation with American Share Insurance (ASI), the nation's largest private deposit insurer.
ASI accepts only credit unions that meet its underwriting standards and maintains a high level of performance. The company has insured only credit unions since its founding in 1974, and is recognized throughout the industry for quality performance and service. No consumer has ever lost a cent in an ASI-insured credit union.
ASI maintains the strongest equity ratio of insurers in both the credit union and banking industry.
We are proud to qualify for this unique level of deposit insurance coverage. For more information, please contact us or visit ASI on the Internet at
American Share Insurance.
The Board of Directors and Management Team appreciate that these are challenging times for many members and would like to reassure members that Fiscal Credit Union is well positioned to navigate through these uncertain economic times through strong fiscal oversight and a longstanding tradition of conservative investment and lending practices.
Sincerely,
Michael Gomez, CEO
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