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To the Editor,
The recent collapse of Silicon Valley Bank, the second largest bank in U.S. history to fail, roiled the financial markets, and has caused concern among consumers.
In this time of financial uncertainty, it is important to reassure West Virginians that their money is safe and sound with their credit union.
Deposits in West Virginia credit unions are federally insured by the National Credit Union Administration up to $250,000 per individual depositor -- the same as any federally insured financial institution. Regardless of their size and makeup, credit unions are heavily regulated and are required to meet minimum net worth requirements to ensure their safety and soundness.
While credit unions were first introduced in West Virginia during the 1920's the Depression era New Deal saw the establishment of the Federal Credit Union Act in 1934. Since that time credit unions have grown steadily during economic ups and downs in the state's economy. With a unique not-for-profit cooperative model that deliberately puts people ahead of profits, credit unions have been, and continue a be a safe alternative to their member-owners while keeping pace with technological changes.
At 380,000 members strong, West Virginia credit unions serve different communities and employee groups, but are united in a common a mission of providing affordable financial services at higher saving rates, lower loan rates, and reasonable fees. We will continue to be there in good times and bad, just as we have been since the 1920's.
Additional information on deposit insurance can be found at mycreditunion.gov.
Rich Schaffer
President, CEO West Virginia Credit Union League