Also in this playlist...
This transcript is automatically generated
It well at the future commercial banks seems tenuous at -- more and more people are looking for safer alternatives now credit unions.
Generally offer more competitive rates than commercial banks.
I think it did tell us all about -- rules governing credit union is.
Michael Price -- chairman of the National Credit Union Administration mr.
-- -- thank you so much for joining us this morning.
How -- the rules governing credit -- different from those covering banks and what exactly is at credit.
-- you -- I appreciate being here this morning.
Credit unions are member owned cooperatives not for profit and they're actually owned by the members who make -- deposits in them.
Credit unions of course provide all types of services for their members everything from first mortgage loans to -- -- accounts the savings accounts.
They're different from banks in a sense of their ownership they actually owned by the members who make the deposits at these credit unions.
OK so it is to -- why is it that a credit union might be.
Better a better source that a commercial bank.
-- credit unions of course are insured by the national credit union share insurance fund.
So members' deposits are insured up to 250000.
And it backed by the full faith and credit of the government OK and credit unions are able to allow buses -- member owned -- they are able to allowed their members better rates.
Rather than having to pay dividends to shareholders.
So eight work into the spring that work of this rescue plan that we're talking about.
Go -- -- credit unions be a beneficiary -- I think for most people at home they're trying to understand the difference and how that affects the UN may.
-- we made sure that credit unions were written into the relief that simply because.
If the requirement was there that a credit union had to have access to their relief -- We wanted them to make sure that they were able to do so to correct -- financial position.
At this point in time we have no idea as to whether now we'll even have to tap into the relief act.
We haven't been affected as banks have been in regards to the problems that they have incurred relating to some of the financial loans that have been made and the investments okay Koreans have been relatively safe.
All right -- -- Michael just explain to me if I wanted to get a loan from a credit union tell me what are some of the names of the some of the credit unions.
Or -- some web sites that I might be able to find out more research about that.
You can go to the NC UAU website and she -- dot gov elect is to find out the names of various credit unions there are over 8000 credit unions in this country.
Some are friendly -- some -- state chartered but they're all -- majority of them are currently insured.
Outlaw going to the website we'll give you those locations you can pick up the yellow pages -- -- and -- -- many of their them listed there as well.
All right terrific -- I learned a lot this morning thank you so much for joining us that's a very you're very interesting point I'll check out the website are.
Filter by section