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Private Insurance: Not a Good 'Choice' and Not 'Equivalent' to Federal Coverage

Paul Gentile's Aug. 28 column on private insurance admonishes credit union leaders to "cut out the politics and look at the real issue." On this point I believe Paul is right, since that has been NAFCU's aim all along in advocating that every credit union, regardless of charter type, be...

By Staff Writer | Updated on September 11, 2007

Paul Gentile’s Aug. 28 column on private insurance admonishes credit union leaders to “cut out the politics and look at the real issue.” On this point I believe Paul is right, since that has been NAFCU’s aim all along in advocating that every credit union, regardless of charter type, be federally insured.

We did not come to that decision lightly, nor has it been especially popular. And if we were concerned about “politics,” we certainly could have taken a much easier road–one that avoided the bumps from critics who say we are meddling where we ought not to be. But for us, the “real issue” boils down to safety and soundness and the integrity of our industry. NAFCU believes America’s credit union members deserve to have the safest possible coverage for their deposits, and only a federal deposit insurance system can provide that.

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