With all the upheaval in the stock markets and financial firms, many credit unions are once again trying to reassure their members about the credit union's financial health.
If your credit union goes down that path, here are some things to consider.
- Avoid comparisons between banks and credit unions that imply that one is safer than the other. The same goes for comparisons between the FDIC and the NCUSIF. Here's a link to a fairly old FDIC Advisory Opinion that underscores the point. Here's a link to a story that shows the FDIC is still looking for such comparisons.
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And refrain from mentioning your CAMEL rating. Here's a fantastic, well-written blog posting that sums up this point, dare I say, in a breath-taking manner. It borders on poetry.
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Also, scour your statement to look for statements that might be untrue. For example "Our credit union is safe and secure because we've never made a bad loan." As a person who puts his foot in his mouth more often than...well, anyone I know, I know one way to stay out of hot water is to refrain from the following two words: always and never. And to say the following phrase as often as possible:
Yes, dear.
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