CACU Newsletter | From The President

Banking Crisis? Not at CACU.

You've seen the headlines recently about the alarming state of some financial institutions. The entire banking and mortgage industry is under a dark cloud. In their desire to maximize profits, many mortgage lenders made questionable loans that have gotten them, and their customers, into trouble. Now, they are turning to the government to bail them out. That means that as a taxpayer, you will have to foot the bill.

CACU doesn’t get into this kind of trouble. Because we’re owned by members like you. Our lending poli­cies are determined by a board elected from among our members. We lend to each other for our needs in life. As a non-profit organization, we're not driven by the profits Wall Street demands. We are driven by serving you.

Consequently, deposits and loans with CACU are safe. And sound. As always, our doors are wide open and we have money to keep lending so you and your hardworking family can always get what you need. As a member of CACU, you can rest easy.

I thought you might like to be reassured that the trust you have in your credit union is well placed. And well deserved. CACU is rated by the National Credit Union Association as well-capitalized. This is the highest and safest rating given by the NCUA, the government agency that insures and regulates credit unions.

The NCUA also insures our deposits up to $100,000, just like the FDIC does for banks.  The new bills being discussed are considering raising this level to $250,000 for both the NCUA and the FDIC.  For more information on share (savings) insurance you can go to www.ncua.gov.

For more information on the safety and soundness of the credit union industry in general, please click on this link from the Michigan Credit Union League.

And just as a reminder, if you have family or friends who are looking for the security that a member-owned credit union affords, we always welcome new members.

Sincerely,

Hank Hubbard

President / CEO

Communicating Arts Credit Union