WASHINGTON — At a time when the woes of other financial institutions are making lawmakers, regulators and some consumers nervous, CUNA President Dan Mica wrote to all members of Congress about the strong condition of credit unions.
He said in a letter mailed Friday that "America's credit unions remain the safest of all depository institutions" and have never cost taxpayers any money through a bailout. His letter was accompanied by a one-page fact sheet summarizing deposit insurance and noting the overall health of the industry.
Mica also pointed out that credit unions are more likely to avoid problems because "they remain the mostly tightly regulated and well-capitalized of all depository institutions."
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The fact sheet noted that the asset-to-capital ratio for credit unions is 11.1%, compared to 10% for banks and credit union mortgage delinquencies were only 0.7% at the end of the first quarter.
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