Washington’s Not-for-Profit Credit Unions a Solid and Safe Consumer Option

New memberships triple in lead up to national economic reckoning; Cooperative principles still hold true after 75 years

The conservative nature of the Washington’s 129 not-for-profit credit unions has caught the eye of the state’s consumers, according to numbers released by the National Credit Union Administration (NCUA), the regulatory agency in charge of the Federally backed National Credit Union Share Insurance Fund. (NCUSIF).

According to the NCUA quarterly 5300 filing, a report that credit unions are required to submit outlining their financial strength, including asset under management, number of members and return on assets, 62,782 Washingtonians opened new member accounts at a Washington credit union between December 2007 and June 2008, compared to 23,531 new member accounts between June and December 2007.

Consumer trust is the driving force behind the unprecedented migration, according to the Washington Credit Union League.

Read the rest of the press release in the newsroom.

For more about federal savings insurance at credit unions and to view a video message from CUNA's Dan Mica, see the “America’s Credit Unions” website at www.creditunion.coop.

To determine how much of your savings at your credit union is covered by federal insurance, visit the NCUA insurance calculator at http://webapps.ncua.gov/ins/