CUs did not cause bank collapse, remain safe and sound

Risks borne by recently collapsed banks should not be paid for by credit unions that serve communities across our country, CUNA wrote to the House Financial Services Committee for its hearing on recent bank collapses.

“While much remains to be discovered regarding the causes of the collapse of SVB—and we hope this hearing today uncovers more information—we can be clear on this: our community-focused credit unions did not cause the collapse of one of the largest regional banks in the country, and should not face more federal regulation or increased fees due to these banks’ actions,” the letter reads.

CUNA notes that more than 91% of credit union deposits insured, and credit unions remain stable, safe and secure.

“The credit union difference makes us stronger by helping improve the financial well-being of Americans nationwide. Credit unions are member-owned, not-for-profit financial cooperatives that put our members ahead of the bottom line,” it adds.


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