From the desk of Jim Sullivan, President of
Local 606 FCU
Local 606 FCU Remains
Strong in Unsettling Economic Times
Dear Member:
With growing apprehension
and low consumer confidence in the current market economy, we want you to know that Local 606 FCU is a very strong Credit
Union, with assets over $5.5 million.
We’ve all heard the
latest news regarding the explicit Federal guarantee of Fannie Mae and Freddie Mac.
The two mammoth government sponsored mortgage companies own or guarantee $5.2 trillion in U.S. home mortgages. And the closure of Indy Mac Bank recently by the federal regulator, Office of Thrift
Supervision, has also made the headlines as of late.
Rest assured Local 606 FCU
hasn’t been making the risky types of mortgages that have caused concerns for other financial institutions, such as
Indy Mac. Your assets are safe with Local 606 FCU.
In light of this recent
news we thought you might have some questions or concerns regarding how Local 606 FCU federally insures your money. Here are some quick points of reference:
- The National Credit Union Share Insurance Fund (NCUSIF) insures the shares in Local 606 FCU, where
not one penny of insured savings has ever been lost by a member of a federally insured credit union. This fund is backed by the full faith and credit of the United States Government. Established by Congress in 1970 to insure member shares accounts at federally insured credit unions, the
NCUSIF is managed by NCUA under the direction of a three-person NCUA Board. Please
go the http://www.ncua.gov for more information.
- Each Local 606 FCU member is federally insured up to at least $100,000 by the NCUSIF. Many families can increase the amount of share insurance coverage they receive by the appropriate structuring
of deposits in various individually and jointly held accounts.
- Traditional and Roth IRAs are insured separately up to $250,000 by the NCUSIF. A NCUA Share Insurance Estimator is also available for your convenience at http://webapps.ncua.gov/ins/.
We hope these resources
serve to answer any questions or concerns, and we hope this information reassures you that even in rough economic times, you
can feel confident entrusting us to safeguard your hard-earned savings. Should
you have any questions or concerns please feel free to call us directly at 407-896-4733 or visit the office.
Sincerely,
James M. Sullivan, Jr.
President
