Statement Regarding Recent Banking Industry Activity
Cedar Point Federal Credit Union has been following the recent news of the failure of Silicon Valley Bank. We want to assure our members that Cedar Point is in a good financial position and that their accounts are secure.
Our credit union makes decisions and acts conservatively to protect our members’ interests, while the recent bank failures have occurred as a result of riskier behavior on the part of those institutions. The business models of those banks are not representative of the credit union model.
Our members’ deposits are federally insured by the National Credit Union Administration (NCUA). Its Share Insurance Fund insures deposits up to $250,000. On March 13, NCUA Chairman Todd Harper noted, “No one has ever lost a single penny of insured share deposits within the credit union system.” You can visit MyCreditUnion.gov for more information about the National Credit Union Share Insurance Fund coverage.
As always, Cedar Point is committed to the safekeeping of our members’ financial interests and will continue to utilize safe and sound best practices when securing their deposits.