UMCU Financial Highlights
Important News: The Government has taken supervisory action against three “corporate” credit unions. What’s the impact to UMCU?
You may have recently read about supervisory action taken against three large corporate credit unions. The three corporate credit unions that were conserved by the National Credit Union Administration (NCUA) on Friday September 24, 2010, are not credit unions that serve individual members as University of Michigan Credit Union (UMCU) does. They are corporate credit unions which exclusively serve other credit unions by providing those institutions with back office processing and investment services. These three corporate credit unions, located in Plano, TX, Wallingford, CT, and Warrenville, IL will continue to provide business and services to the credit unions they have working relationships with, under guidelines set forth by the NCUA. UMCU does not do business with, nor do we have any service relationships with, any of the three corporate credit unions conserved last Friday.
Any losses these corporate credit unions experience will be covered by special assessments to all credit unions and will not be covered by taxpayer or government bailout. The credit union movement has been watching this issue for over a year and has been planning for these assessments.
As a UMCU member, you can be assured that your credit union is operating in a sound financial manner and remains well capitalized. Your deposits are insured up to $250,000 by the NCUA. As indicated by recent audits and examinations, not only does UMCU meet the highest of regulatory capital standards for safety and soundness, but all of the organizations that we do business with are among the strongest in their field - both in financial position and quality of services provided. Through responsible lending and investment practices, UMCU and other credit unions remain strong and in a great position to serve our members and our community.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. Mortgage loan services provided by MemberFirst Mortgage LLC (NMLS #149532)
and UMCU (NMLS #712343)